- December 21, 2022
- Monmouth Capital Management
Caz Craffy (CRD#: 5222223) is a previously registered Broker.
He entered the securities industry in 2011 and previously worked for Monmouth Capital Management, LLC; Newbridge Securities Corporation; Joseph Gunnar & Co., LLC; and NYLife Securities, LLC.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2022, FINRA sanctioned Caz Craffy, barring him from all capacities indefinitely beginning December 8, 2022. The FINRA sanction states, “Without admitting or denying the findings, Craffy consented to the sanction and to the entry of findings that he refused to produce information and documents and refused to appear for on-the-record testimony requested by FINRA during the course of an investigation that originated from a customer complaint made to it. The findings stated that FINRA sought to investigate, among other issues, Craffy’s potential conversion of customer money, loans or gifts from customers, active trading in customer accounts, and failure to fully disclose certain OBAs.”
For a copy of the FINRA sanction, click here.
In addition, Caz Craffy has been the subject of two disclosures, including the following:
- November 2022 — “ Craffy failed to disclose Outside Business Activity.” Caz Craffy was discharged by FINRA.
- November 2022 — “FINRA 8210 Regarding Outside business activities.” FINRA opened an investigation into the work of Caz Craffy.
For a copy of Caz Craffy’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisers from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial adviser to recommend or even suggest that a client invest in the financial adviser’s own business or a business operated by his or her friends or family. It is not necessary that the financial adviser earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial adviser only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial adviser from the approved product list may constitute selling away.
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