Additional Coverage:
- Former Federal Reserve adviser indicted and arrested for alleged espionage in dealings with China (newsbreak.com)
A former senior advisor to the Federal Reserve has been arrested and charged with selling confidential economic information to Chinese intelligence.
John Harold Rogers, 63, of Vienna, Virginia, allegedly received at least $450,000 for the information. He’s accused of posing as a university professor in China to facilitate the exchange.
The Justice Department announced Rogers’ arrest and indictment on Friday following his initial court appearance in Washington. He is currently being held without bond. His arraignment is scheduled for Tuesday.
The FBI alleges Rogers betrayed the U.S. by providing sensitive financial and economic data to Chinese officials. This data could have given China an unfair economic advantage.
The Justice Department stated the information could have been used by China to manipulate U.S. markets. China currently holds a significant amount of U.S. debt, and such inside information could have been beneficial to Chinese financial actors.
Rogers, who holds a doctorate in economics, worked at the Federal Reserve from 2010 to 2021. His position gave him access to highly sensitive information.
Prosecutors say Rogers began communicating with two Chinese co-conspirators as early as 2013. He allegedly shared confidential data, including Federal Reserve analyses, briefing materials, and details of policy discussions.
Rogers allegedly traveled to China multiple times, posing as a university professor to meet with his co-conspirators. The indictment states he received $450,000 in 2023 for work as a part-time professor at a Chinese university.