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Lack of Controls Opens Door for IT Crimes

Experts say SchoolsFirst VP David Lugo's brazen $2.6 million computer heist exposes industry-wide gaps in IT controls.

By Peter Strozniak | Updated on September 26, 2014

After reading about a credit union IT vice president who embezzled more than $2.6 million by selling computer network equipment, Joseph Visconti, a former NCUA IT auditor who worked at the agency for 30 years, said his jaw dropped.

Along with other IT security experts, Visconti raised serious questions and concerns over how David Lugo, the former IT vice president at SchoolsFirst Federal Credit Union, managed to sell $260,000 annually worth of IT equipment for more than 10 years undetected from his office at the $10.4 billion cooperative in Santa Ana, Calif.

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Peter Strozniak

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