1st February 2025 – (Washington) John Harold Rogers, a former senior adviser to the U.S. Federal Reserve, has been arrested on allegations of conspiring to steal sensitive trade secrets for the benefit of China, the Justice Department announced on Friday. Rogers, who served in the Fed’s division of international finance from 2010 to 2021, is accused of sharing confidential information with Chinese co-conspirators posing as graduate students linked to China’s intelligence and security services.
A judge has ordered Rogers to remain in custody until a detention hearing scheduled for next Tuesday, according to a spokesperson for the U.S. Attorney’s office. The Federal Reserve declined to comment on the matter, and Rogers’ attorney did not respond to requests for clarification.
A spokesperson for the Chinese Embassy stated they were not familiar with the case specifics but emphasised that China upholds the rule of law and does not interfere in the internal affairs of other nations. They also expressed opposition to unfounded allegations regarding “spy risks” against China.
According to the U.S. central bank’s website, the international finance division is tasked with research, policy analysis, and reporting on foreign economic activity, U.S. external trade, and developments in international financial markets. Rogers allegedly began soliciting confidential economic data and sensitive information about interest-rate discussions in 2018, subsequently passing this information to his co-conspirators while claiming to teach classes in China.
The indictment details that Rogers received payments covering airfare, accommodation, and dining during his trips to China, along with an offer of funds for a beach holiday. He reportedly exploited his position at the Federal Reserve to gather trade-secret information, which he transmitted to his personal email account, contravening Fed policies.
If convicted, Rogers faces a maximum penalty of 15 years in prison for conspiracy to commit economic espionage and a fine of up to $5 million for making false statements.