Federal Reserve Breach: Former Adviser Indicted For Spying On Behalf Of China

A former senior adviser to the Federal Reserve has been indicted for allegedly providing secret U.S. financial data to Chinese intelligence, exposing another alarming case of Beijing’s ongoing espionage efforts against American institutions. Federal prosecutors charged 63-year-old John Harold Rogers with conspiracy to commit economic espionage and making false statements.

Rogers, who was employed in the Federal Reserve’s Division of International Finance from 2010 to 2021, reportedly stole confidential information concerning interest rate deliberations and economic strategies. According to the indictment, he secretly passed this data to Chinese intelligence operatives who posed as graduate students, receiving payments totaling approximately $450,000 in return.

Prosecutors allege that Rogers misused his position to funnel sensitive data to Beijing, which could have been leveraged to manipulate global financial markets. “Advance knowledge of U.S. economic policy could provide China with a massive advantage in the markets,” the indictment states.

Federal officials also accused Rogers of obstructing justice by lying to investigators in 2020 when questioned about his connections with Chinese operatives. His false statements allegedly delayed the case and allowed him to continue his secret dealings. “This indictment serves as a warning to those who attempt to betray their country’s financial security,” said U.S. Attorney Edward R. Martin Jr.

The FBI has long warned about China’s aggressive intelligence operations targeting U.S. agencies and financial institutions. “China’s strategy to undermine American economic stability is a serious threat,” said FBI Assistant Director Kevin Vorndran. “We will continue to hold accountable those who engage in espionage at the expense of our national security.”

As the Rogers case moves forward, intelligence officials are investigating whether additional infiltrations of U.S. financial institutions have taken place. The extent of Beijing’s reach into American economic structures remains a significant national security concern.