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.

continue reading »