Former Federal Reserve Advisor Indicted on Charges of Espionage

On January 31, 2025, former senior advisor to the Federal Reserve John Rogers, 63, of Vienna, Virginia, was arrested on charges of committing economic espionage for the benefit of the People’s Republic of China (“PRC”) and making false statement to the Federal Reserve Board. Rogers is alleged to have stolen U.S. trade secrets and shared them with agents of the PRC. He then allegedly proceeded to lie to the Consumer Financial Protection Bureau and the Office of Inspector General for the Board of Governors of the Federal Reserve System during their investigation in a material way. In a statement, Devin DeBacker, head of the Justice Department’s National Security Division, said, “[a]s alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities.”[1]