SAN FRANCISCO (CBS SF) — A Brisbane attorney and former financial analyst for the Federal Reserve System has been accused of faking a disability and collecting disability benefits while working at other jobs.
Lawrence Rufrano, 66, was charged with wire fraud in a criminal complaint by U.S. Attorney for the Northern District of California David Anderson. Rufrano made his initial court appearance Wednesday in San Francisco.
Rufrano worked 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.
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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