Affinity Fraud Lawyers

Did You Sustain Losses While Working With Former Newbridge Securities Broker Caz Craffy?

Affinity Scammer Who Defrauded Gold Star Families Gets Prison Sentence 

Caz Craffy (Carz Levinski Craffy), who most recently was a Monmouth Capital Management stockbroker, is sentenced to more than 12 years (151 months) in prison. According to prosecutors, the barred New Jersey financial advisor admitted to defrauding Gold Star families and committing other crimes. Craffy was a Newbridge Securities financial advisor from 2017 to 2021.

From 11/2017 to 1/2023, Craffy, a US Army Reserve major, was a financial counselor for the Army’s Casualty Assistance Office where he advised the surviving beneficiaries of deceased service members. These were mostly Gold Star families.

However, rather than just offering guidance without injecting his own opinions or taking part in transactions that financially benefited him, Craffy, without their knowledge, worked as a registered representative for  Newbridge Securities and then Monmouth Capital. He convinced these families to invest almost $10M in accounts he privately oversaw. These accounts would go on to lose $3.7M, while he earned over $1.4M.

Craffy has been ordered to forfeit the $1.4M. Unfortunately, restitution for those he harmed reportedly has not yet been determined.

The Financial Industry Regulatory Authority (FINRA) permanently barred Craffy in 2022. Last year, the US Securities and Exchange Commission (SEC) filed fraud charges against him. In April 2024, Craffy pleaded guilty to criminal charges, including securities fraud, wire fraud, and making false statements.

According to Craffy’s CRD, there is at least one pending broker fraud claim involving him in which the claimant is alleging breach of fiduciary duty, failure to supervise, negligence, and common law fraud. The SEC’s case against him, which also remains pending, accuses the ex-New Jersey stockbroker of disclosure failures, unauthorized trading, misappropriation, care obligation failures, regulation best interest (Reg BI) violations, excessive trading, unsuitable trading, concentration, lack of diversification, and more.

In July 2023, FINRA expelled Monmouth Capital. Newbridge Securities remains in operation. Currently, we are representing other investors who suffered losses in the alleged $1.6B GWG L Bond Ponzi scam against this broker-dealer.

How Can Our Affinity Fraud Lawyers Help?

As a member of the US Army Reserve and a financial counselor for the US Army, Cazzy may have also committed affinity fraud. That is when someone targets people in a particular group or community that they belong to or pretend to be a member of.

Shepherd Smith Edwards and Kantas Affinity Fraud Lawyers (investorlawyers.com) represent investors who have sustained losses in affinity scams and other types of broker fraud. While Monmouth Capital is no longer in operation and Craffy is behind bars, you may be able to sue Newbridge Securities if their failure to supervise or other negligence enabled their ex-registered representative to defraud you while he worked for them.

The first step is to determine what, in fact, caused your investment losses and if broker misconduct was a factor. Our affinity fraud attorneys can help you assess this during a free, no-obligation case assessment.

Even if the financial advisor who scammed you is now in prison, this does not guarantee you will receive the damages you are owed. That is why it is so important that you explore your legal options with seasoned securities attorneys who will fight for you while protecting your legal rights.

Contact Us:

Call (800) 259-9010 or fill out this form. Our savvy Affinity Fraud Lawyers have represented investors in more than 1000 matters in arbitration, mediation, and litigation. Over 90% of our clients have obtained full or partial financial recovery through our hard work and committed dedication.