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A former senior adviser for the Federal Reserve Board of Governors was arrested Friday on charges that he conspired to steal Federal Reserve trade secrets for the benefit of China, the Justice Department announced.
John Harold Rogers, 63, allegedly shared confidential information with Chinese co-conspirators who worked for the country’s intelligence and security apparatus.
🚨#BREAKING: Former Senior Adviser to the Federal Reserve John Rogers has been arrested for leaking trade secrets to China pic.twitter.com/HHnNpua05A
— R A W S A L E R T S (@rawsalerts) January 31, 2025
“The indictment, unsealed today, was announced by U.S. Attorney Edward R. Martin, Jr., FBI Assistant Director in Charge David Sundberg of the Washington Field Office, and John T. Perez, Special Agent in Charge, Headquarters Operations, Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (FRB-CFPB OIG),” a press release read.
“President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged in the indictment, this defendant leveraged his position within the Federal Reserve to pass sensitive financial information to the Chinese government, a designated foreign adversary,” said U.S. Attorney Martin.
“Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable,” Martin added.
BREAKING: The DOJ just indicted Former Senior Adviser for the Federal Reserve, John Harold Rogers, for leaking US trade secrets to China. pic.twitter.com/mly5ElsWXQ
— Libs of TikTok (@libsoftiktok) January 31, 2025
“The Chinese Communist Party has expanded its economic espionage campaign to target U.S. government financial policies and trade secrets in an effort to undermine the U.S. and become the sole superpower,” said FBI Assistant Director in Charge David Sundberg.
“Today’s indictment represents the FBI’s unwavering commitment to protect U.S. national security interests and U.S. jobs and to bring to justice those who are willing to betray their country for personal gain,” Sundberg added.
More from the Justice Department:
According to the indictment, Rogers, a U.S. citizen with a Ph.D. in Economics, worked as a Senior Adviser in the Division of International Finance of the FRB from 2010 until 2021, where he was entrusted with confidential FRB information. The confidential information that Rogers allegedly shared with his Chinese co-conspirators, who worked for the intelligence and security apparatus of China and who posed as graduate students at a PRC university, is economically valuable when secret.
China holds a large amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the U.S. market, in a manner similar to insider trading. Gaining advance knowledge of U.S. economic policy, including advance knowledge of changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities.
The indictment alleges that from at least 2018, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data sets, deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements. He passed that information electronically to his personal email account, in violation of FRB policy, or printed it prior to traveling to China, in preparation for meetings with his co-conspirators. Under the guise of teaching “classes,” Rogers met with his co-conspirators in hotel rooms in China where he conveyed sensitive, trade-secret information that belonged to the FRB and the FOMC.
In 2023, Rogers was paid approximately $450,000 USD as a part-time professor at a Chinese university.
On February 4, 2020, in response to questioning by the Office of the Inspector General for the Federal Reserve Board, Rogers lied about his accessing and passage of sensitive information and his associations with his co-conspirators.
CHINA: Former Federal Reserve Advisor John Harold Rogers was arrested for conspiring to steal Fed trade secrets for the benefit of the People’s Republic of China.
“President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged… pic.twitter.com/i2EQ1FcZAw
— @amuse (@amuse) January 31, 2025
“Rogers is charged with conspiracy to commit economic espionage and with making false statements,” the press release stated.
“Conspiracy to commit economic espionage carries a maximum statutory penalty of 15 years in prison, and a maximum fine of $5 million. Making false statements carries a maximum statutory penalty of five years in prison,” it added.
Per Reuters:
A judge ordered Rogers to be held until a detention hearing next Tuesday, according to a U.S. Attorney’s office spokesperson
A Federal Reserve spokesman declined to comment, and the Chinese Embassy and an attorney for Rogers did not immediately respond to a request for comment.
The Fed’s international finance division is responsible for basic research, policy analysis, and reporting in the areas of foreign economic activity, U.S. external trade and capital flows, and developments in international financial markets and institutions, according to the U.S. central bank’s website.