This is definitely misspellt. You must have read it on a photo, not knowing Hungarian..
One idea would be that Veno is actually Vend, which is outdated Hungarian word for Slovenian (a small south Slavic nation bordering Italy). This possibility is supported by the fact that one of the main front line in WWI was on the border of Austria-Hungary and Italy, which is basically the current Slovenian-Italian border.
"Lak" is a word stem meaning "to live somewhere" - it is also the beginning of the word "laktanya" - barracks.
"Parancsnokság" - Army headquarters.