EditGold fingers and red faces in Langley
Even with the CIA’s reputation for covert operations involving truckloads of cash, one would have felt that requests for expense payments in gold bars would have raised an eyebrow or two
Every now and then a headline pops up and you have to check the date to make sure it’s not April fool’s day. The headlines about a CIA officer with gold bars and millions of dollars tucked away in his home and in some storage space in his office likely prompted many to check the date.
The story has an uncanny resemblance to the film ‘Catch Me If You Can,’ where Frank Abagnale Jnr posed as a pilot, doctor and lawyer, cashing in millions of dollars’ worth of forged cheques while being chased by an FBI agent Carl Hannatty.
EUalive’s columnist Dick Roche is a former Irish Minister of State for European Affairs and minister for the Environment. His columns can be found here.
Dick Roche is a former Irish Minister for EU Affairs and Minister for the Environment
The facts in the case of David Rush, a former senior CIA officer with “top secret level security clearance” who held a management position in the Agency and has been charged with “criminal theft of public money” are stranger than the fiction.
In a raid on Mr Rush’s home FBI agents allegedly found 303 gold bars with an estimated value of $40 million, a further $2 million in cash and 35 high-value watches – mostly Rolexes.
CBS reports the raid arose during an FBI investigation examining allegations that Rush had lied about his educational and military background when entering the CIA and during his 17 years of service with the Agency. It must have surprised the FBI officers conducting the raid to find gold, cash and watches worth $ millions rather than just boring files.
The backstory to Rush’s employment as revealed in filed charges, is extraordinary. US media reports suggest that Rush who held a Senior Executive Service rank in the CIA and had Top Secret/SCI clearance routinely lied about his military background and education over an extended time period.
Reports suggest that in applications for a high-level appointment Rush claimed to have graduated from the U.S. Air Force Test Pilot School and been “a director of test for a 145-person, 18-aircraft joint Army/Navy weapons test organisation.” Rush was never a pilot nor did he hold an FAA license. When serving in the Navy he worked as an information systems technician.
Rush also claimed to have graduated with a bachelor’s degree from Clemson University and a master’s degree from Rensselaer Polytechnic Institute. Both universities told the FBI they have no record of him ever attending their schools.
The charges against Rush – who was honourably discharged from the Navy in February 2015 – also allege that he claimed military leave from his post in the CIA up to September last. The leave payments amounted to $77,000.
The most bizarre aspect of the charges against Rush is that between November 2025 and March of this year he claimed large amounts of foreign currency and tens of millions of dollars in gold bars for work-related expenses. It is not clear why the claims were made for payment in gold and foreign currency, why they were paid, or the nature of the services being billed for. It seems safe to surmise that the claims were not just for working overtime. The full results of the investigation when and if they come to hand will be an interesting read.
The implications for the US and for the EU
While all the facts of the case have yet to emerge what is known so far is a huge embarrassment for the CIA. It raises questions about the CIA’s internal controls and accounting. Press reports suggest that huge payments in gold and foreign currency were approved as “November expenses.” If true that is mind-blowing. Even with the CIA’s reputation for covert operations involving truckloads of cash, one would have felt that requests for expense payments in gold bars would have raised an eyebrow or two and required attention from the authorisation and audit chain.
In the US the biggest questions concern CIA accountability and control systems. The biggest ‘cost’ to the Agency will be the reputational damage.
The breaking story also raises questions outside the US. The revelations will make uncomfortable reading for agencies in the UK, Canada, Australia and New Zealand linked to the CIA through the ‘Five Eyes’ intelligence-sharing partnership.
The story also raises an uncomfortable question for EU policy makers, who since the Trump 1 administration kicked off its campaign to exclude Chinese equipment from 5G networks- a campaign which cost European network operators €billions and impacted adversely on EU 5G rollout – have looked to US intelligence agencies for guidance in determining those who are trustworthy technology suppliers and those who are ‘high risk.’
The question is: should an agency that cannot stop a truckload of gold – not to mention an expensive collection of watches – disappearing out the front door be an influencer of any aspect of EU policy?
Caption: Screenshot from CNN reporting about the case of David Rush, a former senior CIA officer. In a raid on Rush’s home FBI agents allegedly found 303 gold bars with an estimated value of $40 million, a further $2 million in cash and 35 high-value watches – mostly Rolexes.
Updated: May 29, 2026 - 06:56
