Failed Scam Lands IT Worker in Prison
By Katie Hauser
Published on December 29, 2006
Durino says he was angry that his yearly bonus was only $32,000 rather than the usual amount of $50,000. To recoup his losses, he allegedly planted a “logic bomb” in the company’s computer system, hoping to damage large portions of the company’s data. This, Durino thought, would cause a rapid drop in the UBS Paine Webber stock prices. Durino invested more than $21,000 in “put option” UBS Paine Webber stocks, hoping that a drop in the stock prices would increase the value of his shares.
Durino's plan proved unsuccessful. The company's stock prices remained stable, and he lost his entire investment. He was recently sentenced to eight years in prison and now owes $3.1 million for the damage his actions caused the company.
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