Broker Misappropriation Attorney

When Alleged Broker Misappropriation Leads To Investor Losses

Ex-Monmouth Capital Management Financial Advisor Caz Craffy Is Accused of Defrauding Military Families

Our trusted broker fraud lawyers work with investors and their families that have sustained losses due to financial advisors or negligence. This includes looking into allegations of misappropriation by financial advisors and whether their broker-dealers should be held liable.

One of our current investigations involves barred broker Caz Craffy, most recently registered with Monmouth Capital Management and before that with Newbridge Securities and National Securities. According to The Washington Post, four grieving military families are accusing him of taking control of their life insurance money through the broker-dealers where he was registered and engaging in unauthorized and excessive trading. They contend that this cost them $750K.

FINRA permanently barred Craffy, also known as Craz Craffey, in December 2022.

Why is It Important To Speak With Knowledgeable Broker Misappropriation Attorney?

If you suspect that your broker engaged in financial advisor misconduct, such as churning or unauthorized trading, it is important that you explore your legal options. Shepherd Smith Edwards and Kantas (investorlawyers.com) is a securities law practice dedicated solely to representing investors. We can help you determine whether you have grounds for a FINRA lawsuit against not just your financial advisor but also their broker-dealer.

Brokerage firms have a duty to properly supervise their registered representatives, including overseeing their activities in customers’ accounts. When a purported failure to supervise enables broker fraud to happen, investors that are harmed may be able to sue for damages.

Unfortunately, financial exploitation of investors—especially inexperienced investors—by allegedly unscrupulous brokers does happen. While it would be nice to think that brokerage firms have their customers’ back and will always swoop in to remedy any resulting losses, this is typically unlikely. Most broker-dealers would rather block or delay investors’ inquiries rather than admit to liability. Trying to address the problem with a brokerage firm could even harm your investor loss claim in the long run.

Our broker misappropriation lawyers have spent over 30 years going after broker-dealers and their financial advisors. Through mediation, litigation, and arbitration we have recovered many millions of dollars for investors and their families. Even if your broker engaged in allegedly fraudulent activities that their financial firm would not have condoned had they known, you may still be able to recover damages from the latter.

If you suffered investment losses while working with barred New Jersey broker Caz Craffy or another financial advisor, call the Broker Misappropriation Attorney team at Shepherd Smith Edwards and Kantas today at (800) 259-9010.