AUnited States Army financial counselor could face decades in prison for duping the families of fallen soldiers out of millions of dollars and, in turn, generating millions for himself through a life insurance scheme, authorities said.
The U.S. Department of Justice announced on Tuesday that Caz Craffy, who is also known as Carz Craffey, pleaded guilty to six counts of wire fraud and other criminal charges including securities fraud, making false statements in a loan application, committing acts affecting a personal financial interest and making false statements to a federal agency.
AUnited States Army financial counselor could face decades in prison for duping the families of fallen soldiers out of millions of dollars and, in turn, generating millions for himself through a life insurance scheme, authorities said.
The U.S. Department of Justice announced on Tuesday that Caz Craffy, who is also known as Carz Craffey, pleaded guilty to six counts of wire fraud and other criminal charges including securities fraud, making false statements in a loan application, committing acts affecting a personal financial interest and making false statements to a federal agency.
The 41-year-old from Colts Neck, New Jersey is scheduled to be sentenced in district court on Aug. 21. The maximum penalties for the charges include 20 years in prison for each count of wire fraud and securities fraud and five years in prison for the remaining charges, the Justice Department said in a news release. Craffy could also be ordered to pay fines as high as $7 million — twice what his victims lost in the financial scam — for all counts but one.
Craffy worked as a civilian employee in the Army between November 2017 and January 2023, serving as a financial counselor with the Casualty Assistance Office, where he was mainly responsible for educating the surviving beneficiaries of soldiers killed in action about their financial options, according to the Justice Department. Those beneficiaries could have rights to as much as $500,000 from the military. In addition to this adviser role, Craffy was also a major in the U.S. Army Reserve.
