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WASHINGTON (Reuters) – The U.S. Justice Department has announced the arrest of John Harold Rogers, a former senior adviser at the Federal Reserve, on allegations of conspiring to misappropriate confidential Fed trade secrets for the benefit of China.
Rogers, who served in the Fed’s international finance division from 2010 to 2021, is accused of sharing sensitive information with individuals linked to China’s intelligence and security services, who purportedly acted as graduate students.
Following his arrest, a judge has ordered that Rogers remain in custody until a detention hearing scheduled for next Tuesday, according to a spokesperson from the U.S. Attorney’s office.
The Federal Reserve has opted not to comment on the situation. Additionally, an attorney representing Rogers did not provide an immediate response regarding the allegations.
In response to the situation, a spokesperson for the Chinese Embassy expressed a lack of familiarity with the details of the case, asserting that “China is a country that upholds the rule of law.” The spokesperson further claimed that China does not meddle in the internal matters of other nations.
The spokesperson also expressed opposition to what they termed character assassinations against China, citing so-called “spy risks.”
The Federal Reserve’s international finance division is tasked with conducting essential research and policy analysis related to foreign economic activities, U.S. external trade, capital flows, and developments in global financial markets and institutions, as described on the central bank’s official website.
The indictment alleges that starting in 2018, Rogers engaged in solicitations for confidential information, including economic data and sensitive insights into interest-rate discussions, while he was claiming to be instructing classes in China.
Details of the indictment also suggest that Rogers received various forms of compensation for travel-related expenses, including airfare, accommodations, and meals during his trips to China. Furthermore, he was reportedly offered payment for a vacation at a beach resort.
He faces charges related to conspiracy to commit economic espionage and for offering false statements to authorities.
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