John Harold Rogers, Economic Espionage, Virginia 2024
Former Senior Adviser for the Federal Reserve Indicted on Charges of Economic Espionage in Virginia
John Harold Rogers, 63, of Vienna, Virginia, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested today on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC).
According to the indictment, Rogers, a U.S. citizen with a Ph.D. in economics, worked as a Senior Adviser in FRB’s Division of International Finance of the FRB from 2010 until 2021, where he was entrusted with confidential FRB information.
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. Rogers allegedly shared this information 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.
The confidential information that Rogers allegedly shared with his co-conspirators is economically valuable when secret. China holds a large amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the U.S. market, in a manner similar to insider trading.
“As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities,” said Devin DeBacker, head of the Justice Department’s National Security Division.
Rogers is charged with conspiracy to commit economic espionage, making false statements to an agency of the United States, and other related charges. He is currently being held without bond.
“This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions,” said Special Agent in Charge John T. Perez of the FRB-OIG, Headquarters Operations.
According to the indictment, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data, and he shared this information with his Chinese co-conspirators.
The indictment alleges that Rogers betrayed his country while employed at the Federal Reserve by providing restricted U.S. financial and economic information to Chinese government intelligence officers.
Key Facts
- State: Virginia
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →