Xybernaut, Ramp Execs Indicted For Securities Fraud

By Jacqueline Bell (October 19, 2007, 12:00 AM EDT) -- Ex-executives at Xybernaut Corp. and Ramp Corp., along with a Manhattan securities attorney and two Israeli investors have been charged with securities fraud and money laundering in a federal court in Brooklyn.

The indictment was unsealed Friday morning in the U.S. District Court for the Eastern District of New York, alleging that Edward and Steven Newman, Andrew Brown, and Martin Weisberg were involved in a kickback scheme that raked in approximately $55 million in illegal profits and defrauded shareholders in the two companies.

Edward Newman is a former chief executive officer and Chairman of Xybernaut Corp., Steven Newman is a former...

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