FBI seizes $40 million in gold, cash and watches from ex-CIA official

The FBI has seized gold bars worth tens of millions of dollars from the home of a former senior CIA official, according to court documents and a joint statement from the two agencies.

The warrant at David Rush’s residence in Virginia was carried out last Monday, but details of the case only surfaced ahead of a hearing scheduled for Friday in federal court in Alexandria.

Rush has been charged with defrauding the US government, according to court records. In an affidavit, the FBI alleged that he misled his employer, identified only as a government agency, about his academic background, his length of service in the US Navy, and his status as a trained military pilot – all of which were factors in determining his compensation. The agent who submitted the affidavit noted that the limited information was being provided to establish probable cause for a separate search warrant.

The filing also said that, beginning last November, Rush requested and received “a significant quantity of foreign currency and tens of millions of dollars in gold bars for work-related expenses.” When investigators inspected storage space at his office, they found only a fraction of the valuables there.

The subsequent raid on his home uncovered “approximately 303 gold bars, each of which weighed approximately one kilogram,” with an estimated value of $40 million, as well as $2 million in cash and 35 luxury watches. Many of the watches were Rolexes, according to the FBI.

Few details disclosed about CIA gold operation

According to the affidavit, Rush applied to the agency twice in 2006 and was hired after a third application in 2009. He made the false claim he was a naval pilot instructor in 2018, as he was being considered for a promotion.

The testimony does not explain whether the CIA failed to double-check his background on multiple occasions or knowingly paid him more than he could claim based on his actual record.

It also remains unclear what CIA assignment would have required over 300 kilograms of gold, what investigators believe Rush intended to do with the assets, or when his employment ended.

In a joint statement, the CIA and FBI said the intelligence agency identified “potential violations” during an internal review and then alerted federal investigators, who have the mandate to operate on US soil. No charges related to the gold trove have been filed so far.

Rush’s attorney and members of his family have declined media requests for comment.

Gold as criminal loot

Gold bars are a familiar symbol of hidden wealth in fiction, but they are relatively uncommon in modern criminal cases, except in investigations involving large criminal networks with the connections needed to move and store bullion.

A notable exception was the case of former New Jersey Senator Bob Menendez, who resigned in 2024 after the FBI accused him of accepting hundreds of thousands of dollars in bribes, including gold. He was sentenced the following year to 11 years in prison.

Gold bars and other valuable items have also frequently appeared in corruption investigations involving current and former Ukrainian officials, according to law enforcement agencies.