![]() Grady O’Malley, told the jury: “It took hundreds of people, thousands of man hours and millions of dollars to correct.” The system was offline for more than a day, and UBS PaineWebber (renamed UBS Wealth Management USA in 2003) spent about $3.1 million in assessing and restoring the network. Rodriguez, who had to clean up after the logic bomb, said, “How on earth were we going to bring them all back up? How was this going to affect the company? If I had a scale of 1 to 10, this would be a 10-plus.” Backups went down within minutes of being run. When the company’s servers went down that day in March 2002, about 17,000 brokers across the country were unable to make trades the incident affected nearly 400 branch offices. Rodriguez was in charge of maintaining the stability of the servers in the company’s branch offices. She hit the enter key to see the message again, but her screen was frozen. when the stock market opened for the day, she saw the words cannot find on her screen at the company’s Escalation Center in Weehawken, New Jersey. In a federal court, UBS PaineWebber’s IT manager Elvira Maria Rodriguez testified that on March 4, 2002, at 9:30 A.M. His “put” options expired worthless because the bank’s national network did go down, but not UBS stock. He tried to ensure a stock price crash by crippling the company’s network to rock their financial stability. ![]() By setting a short expiration date of 11 days instead of a year, the gain from any payout would be much greater. He had a base salary of $125,000 and a potential annual bonus of $50,000, but the actual bonus was $35,000.ĭuronio quit his job, went to a broker within hours, and bought stock options that would only pay out if the company’s stock plunged within 11 days. ![]() Make up for some of the cash he felt he had been denied. He designed the logic bomb to delete all the files in the host server in the central data center and in every server in every U.S. His alleged motive was to get revenge for not being paid what he thought he was worth. In June 2006, a former systems administrator at UBS PaineWebber, Roger Duronio, 63, was charged with building, planting, and setting off a software logic bomb designed to crash the network. In fact, our employees logged 177,003 volunteer hours in 2022.Closing Case UBS PAINEWEBBER’S BUSINESS OPERATIONS DEBILITATED BY MALICIOUS CODEĮmployee (Allegedly) Planned to Crash All Computer Networks To complement this, we match employee charitable donations and provide paid leave for employees to volunteer their time on community and environmental initiatives, in addition to UBS-organized community events. Social wellbeing – Through the UBS Optimus Foundation we drive impactful philanthropy that delivers real solutions for social needs.We also understand how important retirement and financial planning are to employees, and that's why we provide comprehensive pension plans and an employee stock purchase plan. Financial wellbeing – We're an equal opportunity employer, committed to pay equity for all employees.– Generous time-off benefits, along with a variety of paid and unpaid leave options– Flexible working opportunities to fit your personal needs– Headspace app subscription Mental wellbeing – Employee Assistance Program offering support and counseling to employees and their immediate family as they go through life’s challenges – We teamed up with an external provider to promote mindfulness and support resiliency in managing stress.A range of offerings, including insurance coverage and wellness programs, are available in all of our locations. Physical wellbeing – Our benefits work to enhance employees' physical health and to protect against unforeseen events.Our benefits programs often go above and beyond legal requirements and cover: Employee wellbeing is extremely important to us, and that's why we offer competitive benefits to all employees across the firm.
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