SAN FRANCISCO – A 66-year-old Brisbane attorney and former financial analyst for the Federal Reserve System has been charged with wire fraud in a criminal complaint by U.S. Attorney David Anderson.
Lawrence Rufrano made his initial appearance Tuesday before Chief U.S. Magistrate Judge Joseph C. Spero in San Francisco.
Rufrano worked as as a senior supervisory financial analyst at the Board of Governors of the Federal Reserve System until leaving due to a supposed long-term disability. He began collecting long-term disability payments from the Federal Reserve System from around January 2014 until March 2019, according to the U.S. Attorney’s Office.
Later in 2014, his application for Social Security Disability Insurance benefits was accepted.
“While he was collecting disability benefits, Rufrano claimed that his condition was deteriorating, that he was not working, and that could not hold even a menial job,” the office said in a news release.
The attorney’s office said Rufrano also claimed his condition was deteriorating and that he could not hold even a menial job, even as authorities developed information that indicated he was employed.
Rufrano was required to report any employment to the Social Security Administration and the Federal Reserve System, but failed to disclose his work for two law firms and Stanford University, where he was executive director of the Advanced Financial Technologies Lab and Affiliates Program.
One of the law firms paid Rufrano a flat fee of $18,750 monthly and the other paid him $175,000 a year, according to the complaint.
Rufrano is charged with wire fraud and faces a maximum sentence of 20 years if convicted.
He has been released on a $25,000 bond, with his next court appearance scheduled on Nov. 30.
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