WASHINGTON (TNND) — The U.S. Department of Justice (DOJ) on Friday announced it arrested former Senior Adviser for the Federal Reserve Board of Governors (FRB) John Rogers over accusations he worked with China to steal American trade secrets.
Rodgers, 63, is a U.S. citizen with a PhD in economics, the DOJ said in a press release. He was given confidential information while working with the FRB, which he allegedly shared with Chinese intelligence personnel, according to the agency.
This information allegedly allowed China to manipulate the U.S market “in a manner similar to insider training” by buying and selling U.S. bonds ahead of federal rate changes.
Rodgers traveled to China, where he shared this sensitive information, the DOJ said. A Chinese university in 2023 allegedly paid him $450,000 for serving as a part-time professor.
He allegedly lied to investigators when asked about his actions, which had a “material impact” on the DOJ’s investigation. Authorities charged him with conspiracy to commit economic espionage and with making false statements, according to the press release.
“President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic,” U.S. Attorney for the District of Columbia Edward Martin Jr. said in a statement. “Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable.”
“This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions,” FRB Special Agent in Charge John Perez added.
President Donald Trump on Saturday issued a 10% tariff on Chinese goods “for the illegal fentanyl that they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans,” White House Press Secretary Karoline Leavitt said.
The Chinese government promised it would respond with “necessary countermeasures to defend its legitimate rights and interests.”
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