An Army financial counselor who stole millions of dollars from families who lost loved ones in battle was sentenced Wednesday to 12 years in prison.
Caz Craffy, a 42-year-old resident of Colts Neck, N.J., exploited his position and vulnerable families to make millions for himself while leaving the victims in dire straits, according to federal prosecutors.
“Instead of offering guidance, Caz Craffy chose to defraud these heroic families,” New Jersey U.S. Attorney Philip Sellinger said in a statement. “The lengthy term of imprisonment imposed today is just punishment for this heinous and shameless crime.”
After an American service member dies in battle, their family receives a Gold Star and a $100,000 payment from the military, along with up to $400,000 in life insurance payments. They’re also directed to a financial advisor.
Craffy, an Army reservist, worked with many families in this role. Though he was prohibited from providing specific advice or holding another financial job, Craffy actually held two different positions at investment firms, according to investigators.
As an advisor, Craffy convinced families to give him access to their money, then splashed the cash on risky investments and took hefty commissions through his other jobs, the feds said.
Craffy pleaded guilty in April, admitting to taking $9.9 million from families and raking in $1.4 million in commissions for himself. Meanwhile, his supposedly expert investments lost more than $3.7 million.
“I don’t know how the man sleeps at night,” one of his victims, Sharon Hartz, told NBC News in May. “How could he just be so blatantly greedy without any guilt?”
