The executive director of Stanfordâs Future of Digital Currency Initiative, Lawrence Rufrano, is facing federal wire fraud charges following a disability benefits fraud investigation by his former employer, the Federal Reserve.
- Prosecutors allege Rufrano hid employment at two law firms, three companies and a university while also collecting long-term disability benefits from the Federal Reserve System for five years after departing due to a âpurportedâ mental illness.
- CoinDesk found at least two of Rufranoâs jobs intersected with cryptocurrency and the blockchain ecosystem. He directed Stanfordâs digital currency group and also advised Factom, a now-defunct protocol development firm. Rufrano is also listed as an adviser to Christopher Giancarlo's Digital Dollar Project.
- The Stanford Future of Digital Currency Initiative researches âall formsâ of digital currency with the aim of standardizing their technicals and engaging government stakeholders, according to its current website. It boasts Ripple and IBM as corporate sponsors. Rufrano last appears as its executive director in an Oct. 25 cached version of the website.
- Rufrano also led the Stanford School of Engineeringâs Advanced Financial Technologies Lab. He managed that AI-focused program's relationships with banks and fund managers, according to the criminal complaint.
- Stanford did not immediately return questions regarding its ties to Rufrano.
- An Oct. 21 criminal complaint suggests Rufrano also assisted an unnamed law firm on matters related to blockchain and initial coin offerings. He received over $18,000 a month for advising that firm on fintech, the complaint said.
- Rufrano was released Wednesday on a $25,000 bond.
