John Rogers, a former senior advisor for the Federal Reserve, faces charges of conspiring to steal sensitive trade secrets for the benefit of China, according to the Department of Justice (DOJ). As a 63-year-old resident of Vienna, Virginia, Rogers allegedly collaborated with individuals linked to China's intelligence and security services, who posed as graduate students at a Chinese university. The DOJ brought these charges against Rogers following an investigation into his activities during his tenure from 2010 until 2021 in the Federal Reserve Board's international finance division.
Rogers reportedly met with his co-conspirators in hotel rooms in China under the pretense of teaching classes. During these meetings, he conveyed sensitive information that belonged to the Federal Reserve Board (FRB) and the Federal Open Market Committee (FOMC). The data shared could potentially allow China to manipulate U.S. markets "in a manner similar to insider trading."
"From at least 2018, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data sets, deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements," – Department of Justice
Rogers transferred the confidential information to his personal email account electronically, violating FRB policy. Alternatively, he printed the information before traveling to China in preparation for meetings with his alleged co-conspirators. This breach of protocol highlights the gravity of Rogers' actions and their potential repercussions on U.S. market stability.
The individuals posing as graduate students were part of China's intelligence and security apparatus. They were not affiliated with any specific university in China, though their interactions with Rogers were strategically planned to extract valuable economic data from the United States.
Rogers' alleged conspiracy to steal trade secrets underscores the persistent threat of economic espionage faced by U.S. institutions. The DOJ's charges reflect a concerted effort to combat such threats and safeguard national economic interests.