A former senior adviser at the Federal Reserve Board of Governors, John Harold Rogers, has been arrested and charged with conspiring to steal U.S. financial trade secrets and providing them to individuals tied to China’s intelligence services, according to the U.S. Department of Justice (DOJ).
Federal prosecutors allege that Rogers, 63, misused his position at the Federal Reserve’s Division of International Finance to gather and transmit confidential information to operatives posing as graduate students at a Chinese university. These individuals, whom officials claim were linked to China’s intelligence community, allegedly sought highly sensitive financial and economic data, including Federal Open Market Committee (FOMC) policy discussions, internal research on U.S. trade policies, and upcoming interest rate decisions.
Authorities say Rogers began secretly collecting data in 2018, using personal email accounts to transfer information in violation of Federal Reserve policies. Investigators believe he physically transported documents to China, where he held private meetings in hotel rooms under the pretext of conducting academic lectures.
In exchange for this information, prosecutors claim Rogers was compensated financially, receiving approximately $450,000 in 2023 for a part-time teaching position at a Chinese university. He also allegedly accepted paid travel expenses, including airfare, lodging, and meals, and was offered financial incentives for a luxury vacation.
Federal officials have framed the case as part of a broader effort to combat foreign economic espionage, particularly attempts to compromise U.S. financial institutions.
“This indictment sends a clear message that individuals who exploit their positions of trust to benefit foreign adversaries will be held accountable,” said Edward R. Martin Jr., U.S. Attorney for the District of Columbia.
FBI Counterintelligence Director Kevin Vorndran emphasized the risks posed by such espionage, stating that access to sensitive U.S. economic data could give foreign entities a significant advantage in global financial markets.
Rogers faces charges of conspiracy to commit economic espionage, a crime that carries a maximum 15-year prison sentence and a fine of up to $5 million. He is also charged with making false statements to federal investigators, which could add up to five additional years in prison if convicted.
Rogers remains in federal custody, with a detention hearing scheduled for next Tuesday in Washington, D.C.
A spokesperson for the Chinese Embassy in Washington, D.C., denied knowledge of the case, stating: “China upholds the rule of law and does not interfere in the internal affairs of other countries.” The embassy also criticized what it described as “attempts to smear China with so-called spy risks.”
The Federal Reserve has not issued a statement regarding Rogers’ arrest, and an attorney for the defendant has yet to respond to requests for comment.
