Ex-Federal Reserve Advisor Charged with Economic Espionage for China

In a shocking turn of events, John Harold Rogers, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested and charged with conspiring to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC). The indictment, unsealed on February 1, 2025, alleges that Rogers exploited his position within the Federal Reserve to pass sensitive financial information to Chinese co-conspirators, who posed as graduate students at a PRC university.

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. During his tenure, he was entrusted with confidential FRB information, including deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements. The indictment alleges that Rogers passed this information electronically to his personal email account or printed it prior to traveling to China, in preparation for meetings with his co-conspirators.

In 2023, Rogers was paid approximately $450,000 USD as a part-time professor at a Chinese university. On February 4, 2020, Rogers lied about his accessing and passage of sensitive information and his associations with his co-conspirators during questioning by the Office of the Inspector General for the Federal Reserve Board.

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.

The indictment, 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), sends a clear message that the U.S. government takes such breaches seriously and will aggressively pursue anyone who attempts to steal valuable information from the United States.

This case highlights the ongoing threat of economic espionage and the importance of maintaining the confidentiality of sensitive economic data. As the U.S. continues to investigate and prosecute such cases, it is crucial for the public to remain vigilant and report any suspicious activities to the appropriate authorities.