Ex-CIA officer found with over $40M in gold bars pleads guilty to $194M fraud

A former high-ranking CIA official who embezzled nearly $200 million from the federal government lied about his military background and education to climb the ranks at the spy agency, federal prosecutors revealed.

David J. Rush pleaded guilty in Virginia federal court to one count of wire fraud. His plea comes months after an FBI raid on his home uncovered 298 gold bars worth $46 million, $2.1 million in cash and dozens of luxury items.

"Federal employees are entrusted with serving the American people, not themselves," said Attorney General Todd Blanche. "The Trump Administration is committed to rooting out waste, fraud, and abuse in the federal government, including by prosecuting those who foolishly defraud American taxpayers."

David Rush, a former CIA officer admitted to defrauding the government of hundreds of millions of dollars. He was found with $40 million in gold bars at his home in May, as well as millions in cash and luxury watches, federal prosecutors said. (Sven Hoppe/picture alliance via Getty Images; Alexandria Sheriff's Office)

To reach the upper echelons of the CIA and secure top-secret clearances, Rush fabricated extensive credentials.

On official job applications, he claimed to be a graduate of the U.S. Air Force Test Pilot School and the director of test operations for a joint Army/Navy unit.

In reality, Rush was never a pilot, held no FAA licenses, and served primarily as an information systems technician during his time in the Navy.

Once positioned in senior leadership, Rush executed a massive siphon of taxpayer dollars. He created fictitious government entities and fake initiatives — including a phony "Special Access Program" — to redirect federal funds into his own accounts, ultimately stealing $194 million, according to the Justice Department.

The seal of the Central Intelligence Agency is displayed in the foyer of the original headquarters building in Langley, Virginia, on Friday, Sept. 18, 2009. (Andrew Harrer/Bloomberg via Getty Images)

Rush funneled $145 million into wire transfers to fund an extravagant lifestyle. He purchased high-end real estate, luxury vehicles, and massive quantities of physical gold.

"Rush abused his position and betrayed the public trust and should be held fully accountable for his actions," said CIA Director John Ratcliffe. "Following an internal investigation that identified potential crimes, CIA immediately referred this matter to the FBI."

An image of gold bars and millions of dollars in cash taken from the home of David Rush. (Justice Department)

Under the terms of his plea agreement, Rush agreed to forfeit all assets seized during the investigation. The forfeiture includes the 298 gold bars, $2.1 million in cash, his real estate holdings, 30 luxury watches, predominantly Rolexes, and two 2026 BMW Alpina vehicles — one valued at $172,000.

Rush is scheduled to be sentenced on Jan. 28, 2027. He faces up to 20 years in prison.

Fox News Digital's Alexandra Koch contributed to this report.