Former Senior Adviser for the Federal Reserve Indicted on Charges of Economic Espionage for China

[C0RI0LANUS]

John Harold Rogers (63) of Vienna, VA, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC).

In furtherance of the conspiracy, Rogers allegedly made false statements to the Federal Reserve Board Office of Inspector General, and those false statements had a material impact on its investigation.


John Harold Rogers (Photo: Social media)

“As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting US trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities.”

“The Chinese Communist Party has expanded its economic espionage campaign to target US government financial policies and trade secrets in an effort to undermine the US and become the sole superpower.”

Rogers, a US 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 US foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the US 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 as a part-time professor at a Chinese university.

On 4 Feb 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.

Rogers is charged with conspiracy to commit economic espionage and with making false statements. 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.

A criminal indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.



30 pieces of silver being handed over.


Source:

https://www.justice.gov/usao-dc/pr/former-senior-adviser-federal-reserve-indicted-charges-economic-espionage