New Jersey broker Craffy barred by FINRA

New Jersey securities broker Carz Levinski Craffey (aka Caz Craffy) was recently barred from the securities industry by securities regulator FINRA. Mr. Craffy had been registered with Monmouth Capital Management and previously was registered with Newbridge Securities Corp.

Mr. Craffy’s Brokercheck report from FINRA discloses that he was discharged by Monmouth for failing to “disclose Outside Business Activity.” It also states that he has one customer complaint pending with allegations of negligence, fraud, breach of contract and breach of fiduciary duty.

The FINRA Letter of Acceptance, Waiver and Consent states that Mr. Craffy failed to appear to testify regarding his “potential conversion of customer money, loans or gifts from customers, active trading in customer accounts, and failure to fully disclose certain outside business activities.” He was barred from associating with any FINRA member in all capacities.

The Washington Post has reported that Mr. Craffy allegedly lost large amounts of monies paid in life insurance proceeds to grieving Army families.

FINRA advisors such as Mr. Craffy are required to invest customer monies in a suitable manner that is in the best interest of the customer, and in a manner that complies with the level of risk appropriate for the customer. If you are a victim of Mr. Craffy or any other broker who has lost monies as a result of the wrongdoing of the broker, please contact Scott Greco for a free attorney consultation about your case.