Former Fed Advisor Arrested for Economic Espionage

usa - Former senior advisor of the Federal Reserve arrested for allegedly stealing trade secrets for China.

Former Fed Advisor Arrested for Economic Espionage

The former senior advisor of the Federal Reserve, John Harold Rogers, has been arrested on charges of conspiring to steal trade secrets for the benefit of China. Rogers, who served as a senior advisor at the Fed from 2010 to 2021, is accused of sharing confidential information with Chinese collaborators posing as intelligence and security agents for China, including a graduate student at a university in China.

The statement from the US Department of Justice highlighted that Rogers' actions could potentially allow China to manipulate the US market, given China's significant holdings of US foreign debt. By sharing data with his accomplices, Rogers could provide China with an advantage in buying or selling US securities, including US Treasury bonds.

It was alleged that Rogers took advantage of his position at the Fed to transfer information to his personal email account or prepare for meetings with his partners before traveling to China. The statement also mentioned that Rogers received approximately $450,000 for working as a part-time professor at a Chinese university in 2023.

Accused of conspiracy to commit economic espionage and making false statements, Rogers could face up to 15 years in prison and a $5 million fine for economic espionage, and up to 5 years in prison for making false statements.