Leonard G. Potillo III, the owner of Florida-based debt buyer United Credit Recovery LLC, was arrested Monday and charged with bribing a U.S. Bank official to get inside information on the sale of debt portfolios.

Potillo allegedly paid the bank employee $1 million for details on the sale of overdrawn checking and savings accounts it had charged off. A federal grand jury in Florida charged Potillo with seven counts of wire fraud, 10 counts of bribery of a bank official and 16 counts of money laundering in connection with the alleged $76 million scheme.

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