Federal authorities have apprehended a former senior advisor from the Federal Reserve for purportedly providing confidential economic information to the Chinese government.
A grand jury indictment has charged 63-year-old John Harold Rogers, a resident of Vienna, Virginia, with misappropriating trade secrets from the Federal Reserve and selling this information to Chinese intelligence operatives for a sum exceeding $450,000. He allegedly masqueraded as a university professor in China to facilitate these transactions. The indictment also claims that Rogers obstructed justice by lying to investigators from both the Federal Reserve and the Consumer Financial Protection Bureau.
The Department of Justice revealed Rogers’ indictment and subsequent arrest on a Friday, coinciding with his initial court appearance in Washington. Official records indicate that he is being held without bail and is set for an arraignment on Tuesday.
Jonathan Gitlen, Rogers’ legal representative, conveyed via email that “Dr. Rogers denies the allegations as set forth in the indictment.” Gitlen further noted that Rogers would provide more information at a later time.
Kevin Vorndran, Assistant Director of the FBI’s Counterintelligence Division, commented that Rogers “betrayed his country while employed at the Federal Reserve by disclosing restricted U.S. financial and economic information to Chinese government intelligence officers.” Vorndran emphasized that this information could potentially enable adversaries to gain an unfair economic edge over the U.S.
The Justice Department indicated that such information “could enable China to manipulate the U.S. market” similarly to insider trading practices. They highlighted that by October 2024, China held roughly $816 billion in U.S. foreign debt, suggesting that Chinese financial entities could exploit advanced knowledge of U.S. economic policies, including early notification of federal fund rate alterations, in their investment strategies.
Rogers, who holds a doctorate in economics, served the Federal Reserve from 2010 until 2021.
The indictment states that Rogers had access to a wide range of classified material while working as a Senior Adviser in the Federal Reserve Board’s Division of International Finance during his tenure.
Prosecutors allege that communications between Rogers and two Chinese conspirators began as early as 2013. The charges assert that Rogers transmitted sensitive information to his personal email address or printed it for his co-conspirators. This allegedly included proprietary economic analyses, briefing documents prepared for Federal Reserve governors, insights into Federal Open Market Committee discussions and upcoming announcements, as well as details regarding tariffs aimed at China.
Furthermore, the indictment suggests that Rogers met with these co-conspirators in China multiple times, presenting himself under the guise of an academic instructor to his Chinese colleagues. In 2023, he allegedly received $450,000 in compensation as a part-time professor at a Chinese university.
