Federal Reserve Infiltrated As Former Adviser Indicted For Espionage

The Department of Justice has indicted a former Federal Reserve adviser on charges of economic espionage, revealing yet another instance of China’s long-standing campaign to steal critical U.S. financial data. John Harold Rogers, 63, is accused of conspiring with Chinese intelligence officials to pass along sensitive economic information over several years.

Rogers worked at the Federal Reserve from 2010 to 2021 in a position that granted him access to highly confidential economic reports and internal discussions. Prosecutors say that, beginning in 2018, he began secretly providing classified data to Chinese contacts under the guise of working as a professor at a Chinese university, where he was paid nearly half a million dollars.

The indictment states that Rogers’ connections in China were not simply academics but intelligence operatives posing as graduate students. The classified data he allegedly provided included discussions on interest rate decisions and proprietary economic indicators—information that could be used to manipulate financial markets. “The advantage this would give a foreign government cannot be overstated,” officials noted in the indictment.

Authorities further allege that Rogers misled investigators in 2020 when questioned about his ties to Chinese operatives, delaying the investigation into his activities. “This indictment serves as a warning to anyone considering selling out their country,” said U.S. Attorney Edward R. Martin Jr. “We will pursue those who betray America’s financial security.”

Federal officials have repeatedly warned about China’s systematic espionage campaigns targeting U.S. institutions, including financial agencies. The FBI has identified Rogers’ case as part of a broader Chinese effort to gain access to economic intelligence through American insiders. “China’s focus is not just military secrets—it is also about controlling economic power,” said FBI Assistant Director Kevin Vorndran.

As national security officials continue to track China’s infiltration into American institutions, this indictment is expected to be just one in a series of cases highlighting the depth of Beijing’s efforts to compromise the U.S. financial system.