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Craffy, 41, was charged with 10 counts, including wire and securities fraud, and faced decades in prison if convicted at trial. His sentencing is scheduled for August, officials said.
His attorney did not immediately return a request for comment.
The plea deal represents a measure of justice for the families, who said their trust in the military was violated when Craffy took advantage of their vulnerability.
Investigators, lawmakers and military officials said they were shocked and appalled by the scheme. It led to congressional action following The Post’s investigation that was first to expose Craffy’s campaign to enrich himself at the expense widows and children. Passed last year, the legislation established tough new requirements for the Defense Department to enhance vetting procedures for military financial counselors.
Craffy is a major in the Army Reserve, and it was unclear whether he will face further punishment in the military justice system. Officials declined to specify their next steps, citing privacy laws.
“The Army Reserve remains committed to holding personnel accountable for conduct that does not align with DoD and Army policies,” Army Reserve spokeswoman Lt. Col Addie L. Leonhardt said. “We take these matters very seriously and will address this issue in accordance with Army regulations and the Uniform Code of Military Justice to ensure due process.”
This is a developing story and will be updated.
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