Securities Fraud and Mismanagement

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The U.S. Justice Department indicted Caz Craffy, a former broker with Newbridge Securities, who served as a financial counselor with the U.S. Armed Forces. Craffy is alleged to have defrauded millions from two dozen Gold Star families, according to the U.S. attorney for the District of New Jersey, and court documents. Please contact us if you believe you are a victim by calling toll free 1-844-253-4848.

The federal suit charges Caz Craffy (aka “Carz Craffey”) of Colts Neck, New Jersey with six counts of wire fraud and one count each of securities fraud, making false statements in a loan application, committing acts furthering a personal financial interest, and making false statements to a federal agency.

From May 2018 to November 2022, in his securities broker capacity, Craffy obtained nearly $10 million from Gold Star families to invest in accounts he managed in his private capacity. Once in control of their money, Craffy repeatedly executed trades, often without the family’s authorization.

Craffy profited handsomely from the trades. The unauthorized trades resulted in high commissions. During the timeframe of the alleged scheme, the accounts of the Gold Star families lost roughly $3.6 million, while Craffy personally earned more than $1.4 million in commissions from the family accounts.

“Stealing from Gold Star families whose loved ones made the ultimate sacrifice in service to our nation is a shameful crime,” Attorney General Merrick B. Garland said in a statement.

Craffy is permanently barred from the securities industry. This will do little for the victims, but the victims do have other recourse. Contact us and we can discuss the options to recover the losses in a free and confidential initial consultation. If we do represent you, payment for the representation will be on a contingency fee basis.

Gold Star families distressed over Caz Craffy fraud.
Caz Caffry took advantage of Gold Star Families.