A former IT worker for UBS has been found guilty of attempting to profit by unleashing a 'logic bomb' computer virus on the bank's network that caused more than $3 million in damage.
Roger Duronio, 60, was employed as a systems administrator in UBS Paine Webber in New Jersey when he built and detonated the logic bomb because he was unhappy with his annual bonus payment.
He resigned from the company on 22 February 2002 and on March 4 2002 his program activated and began deleting files on over 1000 of UBS PaineWebber's computers.
In the month before the logic bomb went off, Duronio spent more than $21,000 on 318 put option contracts, so if UBS shares fell in value following the network failure he would make a profit. But Duronio ultimately lost the money he invested because the scam failed to reduce the bank's share price.
Duronio was found guilty of computer sabotage and securities fraud. He was acquitted on two counts of mail fraud.
Each of the convictions carries up to 10 years in federal prison, but under sentencing guidelines Duronio faces about six and a half to eight years in gaol.
US District Judge Joseph Greenaway scheduled sentencing for 30 October 2006. Lawyers for Duronio say he was wrongly convicted and intends to appeal the ruling.