Former Federal Reserve Adviser Indicted In Chinese Espionage Scheme
A former senior adviser to the Federal Reserve has been indicted for allegedly conspiring to steal sensitive financial data for China, marking yet another case of Beijing’s infiltration into critical U.S. institutions. Federal prosecutors charged 63-year-old John Harold Rogers with economic espionage and making false statements after uncovering his ties to Chinese intelligence operatives.
Rogers, who worked in the Division of International Finance at the Federal Reserve from 2010 to 2021, was entrusted with confidential economic information. Prosecutors allege that he began passing sensitive financial data to China in 2018 while posing as a visiting professor at a Chinese university. The Justice Department stated that Rogers was paid approximately $450,000 for his role in sharing classified insights into U.S. economic policy.
According to the indictment, Rogers worked with Chinese operatives who disguised themselves as graduate students at a university in China. Investigators believe the information he provided could allow Beijing to manipulate financial markets, drawing comparisons to insider trading. Gaining advance knowledge of U.S. economic policy, including changes to the federal funds rate, could provide China with a significant economic advantage, the indictment states.
Authorities also allege that Rogers lied to investigators during a 2020 inquiry, attempting to conceal his connections with his Chinese contacts. U.S. Attorney Edward R. Martin Jr. emphasized the seriousness of the charges, saying, “This indictment serves as a warning to all who seek to betray or exploit the United States. Law enforcement will find you and hold you accountable.”
The FBI’s Washington Field Office confirmed that the case underscores China’s broader strategy of targeting U.S. institutions for espionage. “As alleged in the indictment, Rogers betrayed his country by providing restricted financial and economic information to Chinese intelligence officers,” said Assistant Director in Charge David Sundberg.
The Justice Department has pledged to continue pursuing cases involving economic espionage, particularly as China intensifies its efforts to obtain U.S. trade secrets. The scale of Rogers’ alleged activities raises concerns about the depth of Beijing’s infiltration into American financial agencies.
