Theodore Heitzman

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    Bahamas accounts used to pay share ramp bribes

    Bank accounts in the Bahamas was used to bribe brokers who were paid to ramp up the share prices of small companies by promoting them to their unsuspecting clients.Details of the scheme emerged this month after two men pleaded guilty to various offences in the US, including conspiracy, wire fraud, commercial bribery and securities fraud.Leonard Ruge, a 40-year-old Canadian living in Florida, and Theodore Heitzman, 51, of California, each face up to five years in prison and a maximum fine of $250,000.