Ex-CIA Officer Pleads Guilty to $194 Million Fraud Scheme Involving Gold Bars
David Rush, who held a top-secret security clearance, admitted to defrauding the federal government after stealing millions in gold and other assets.
A former CIA officer has pleaded guilty to a massive fraud scheme that involved stealing tens of millions of dollars' worth of gold bars and other assets. David Rush, 49, admitted in federal court on Tuesday to defrauding the federal government and abusing his position within the agency.
Prosecutors alleged that Rush, who served in a senior executive-level role and held a top-secret security clearance, obtained nearly $194 million through fraudulent means. This included the acquisition of 298 gold bars and overseeing $145 million in wire transfers. These funds were subsequently used to purchase luxury watches, real estate, and vehicles.
Before his indictment, the CIA conducted an internal investigation into the movement of funds and referred the matter to the FBI. The affidavit indicates that Rush acquired the gold bars by making requests between November 2025 and March 2026, claiming they were needed for "work-related expenses."
Federal agents found 303 1-kilogram gold bars, valued at over $40 million, along with $2 million in U.S. currency and 35 luxury watches at Rush's Virginia home during a raid on May 18. Prosecutors also stated that Rush allegedly lied about his educational and military background to gain his position at the CIA and create a fictitious program to siphon government funds.
Attorney General Todd Blanche emphasized the commitment to rooting out fraud within the federal government. CIA Director John Ratcliffe stated that Rush "abused his position and betrayed the public trust and should be held fully accountable for his actions."