A former IT vice president agreed to plead guilty Sept. 15 toembezzling 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 Lugoadmitted to ordering IT equipment that was neither needed norauthorized by SchoolsFirst and wired funds from a credit unionaccount to pay for the equipment. After arriving in the mail at hisoffice in Tustin, Lugo sold the equipment to resellers in OrangeCounty, court documents showed.

Federal prosecutors said Lugo deposited the embezzled funds inhis personal Wells Fargo bank account and spent the money on afamily trip to Hawaii, a European vacation with his wife, familytrips to Disney World as well as multiple trips to Las Vegas andother local casinos and resorts.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.