Ex-Senior Federal Reserve Advisor charged with economy espionage to benefit China

A former Senior Advisor for the Federal reserve Was Arrested Friday on Charges that he Conspired to Steal Fed Trade Secrets for the benefits of China,

The data that the advisor john harold rogers allegedly shared with his co-cONSPIRATORS COLD Allow China to Manipulate the US market “in a manner simlar to insider to get Us attorney’s office in Washington, DC

“Gaining Advance Knowledge of Us Economic Policy, Including Advance Knowledge of Changes to the Federal Funds Rate, Cold Provide China with An Advantage when Selling Or Buying Us Bonds Aid. Prosecutors noted that china holds about $ 816 billion of us government debt.

Rogers’ Two Alleged Co-Conspirators were members of China’s Intelligence and Security Apparatus Who Posed as Graduate Students at a Universe in that Country, Prosecutors SAID.

Thos Conspirators Allegedly Gave Him Gifts, Arranged and Paid for a Beach Vacation for Rogers, and also arranged and Paid for his airfare, lodging and meals during or at fudan university in Shanghai after Retiring from the fed.

Rogers, A 63-Year-old Vienna, Virginia, Resident who have a Ph.D in Economics, was indicted In DC Federal Court on Charges of Conspiracy to Commit Economic Espionage and Making False Statements. He faces a maximum posesible sentence of 15 years in prison if convicated of the espionage charge.

Rogers appeared Friday in court, where a magistrate judge at the request of prosecutors ordered he Temporaryly Detained without Bond Pending An ArraIAINMENT and DETENTION HARADING An AraraInment and Dettion Hearing Schedled For Tuesday.

A federal reserve declined to comment to cnbc when asked about rogers’ arrest.

CNBC has requested comment from a federal defender assigned to represent rogers.

The case was announced on the same day that the white house said that president Donald Trump Would Impose tariffs on China, as well as on canada and mexico, on saturday.

Rogers worked as a Senior Advisor in the International Finance Division of the Federal Reserve Board of Governors from 2010 Until 2021, Us Attorney’s Office Said.

As part of that job, he “was entrusted with confidential frb information,” According to Prosecutors.

Rogers Since 2018 Allegedly Exploated His Employment “By Soliciting Trade-Secret Information Regarding Proprietary Economic Data Sets, Deliberations About Tarifs Tarifs Tariffs, Books for Books S, and sensitive information about federal open market committee … deliberations and forthcoming announs, “the Us attorney’s office said.

The Fomc Is responsible for setting the federal funds rate-the interest rate banks charge one another for short-term loans. Fomc decisions on that rate can significantly Affect us financial markets.

The indictment accuses Him of passing that information electronically from his personal email, in violation of fed policy, or Printing it out prior to travel to china to china to meet with co-conspirators.

“Under the Guise of Teaching ‘Classes,’ Rogers Met with his co-conspirators in hotel rooms in china where he conveyed sensitive, trade-second information that was done to the FOMC,” The Fomc e said.

Rogers in 2023 was paid about $ 450,000 as a part-time professor at a chinese university, the indictment notes.

The indictment alleges that in February 2020, in response to questioning by the fed’s inspector general’s office – the central bank’s internal watchdog – “Rogers lied about history infection Is association with his co-conspirators. “

FBI Assistant Director in charge of the washington office david sundberg in a statement said, “The chinese communist party has expanded its Economic Espionage Campaign to Target Us GOVERNMENM Rets in an effort to undermine the US and become the sole superpower. “

Sundberg was told chursday that he was being forced out the fbi, NBC News Reported Friday, Citing Two Senior Law Enforcement sources.

His departure is part of a Purge of Top FBI Executives And Bureau Field Office Leadership by the New Trump Administration.