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    Army Major Lost Gold Star Families’ Life Insurance Money While Enriching Himself, Feds Say

    Army Major Lost Gold Star Families' Life Insurance Money While Enriching Himself, Feds Say

    An Reserve officer was charged Thursday, facing allegations he defrauded Gold Star families by losing $3.4 million while making $1.4 million in commissions.

    Federal authorities on Friday said that Caz Craffy, who they described as currently a major in the Army Reserve, misappropriated money between 2018 and 2022 that he was supposed to be investing for families of dead soldiers. Instead of assisting them, he allegedly made them put their money into investment accounts he privately managed outside official duties for the Army. In one case, he allegedly misappropriated $50,000 from a minor whose parent died on active duty.

    On top of using investment portfolios he controlled himself, authorities say Craffy made high-risk investments far beyond what was agreed upon with the families, and did not properly diversify those huge investments, opening up those families to enormous losses.

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    “Stealing from Gold Star families whose loved ones made the ultimate sacrifice in service to our nation is a shameful crime,” U.S. Attorney General Merrick B. Garland said in a statement. “As alleged in the indictment, the defendant in this case used his position as an Army financial counselor to defraud Gold Star families, steal their money, and enrich himself. Predatory conduct that targets the families of fallen American service…

    Continue Reading This Article At Military.com

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