Former SchoolsFirst VP pleads guilty to embezzling $2.6M

by: Peter Strozniak

A former IT vice president agreed to plead guilty Sept. 15 to embezzling more than $2.6 million from the $10.4 billion SchoolsFirst Federal Credit Union in Santa Ana, Calif., according to court documents.

In a plea deal with federal prosecutors in Santa Ana, David Lugo admitted to ordering IT equipment that was neither needed nor authorized by SchoolsFirst and wired funds from a credit union account to pay for the equipment. After arriving in the mail at his office in Tustin, Lugo sold the equipment to resellers in Orange County, court documents showed.

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