Ten years after his debt-buying firm, Commercial Financial Services, closed under a fraud scandal, William R. Bartmann — vindicated in the eyes of the law, if not his fellow market participants — is back in business.

CFS monopolized forward-flow contracts to buy charged-off credit card receivables from major banking companies in the late 1990s. Mr. Bartmann paid up to twice as much as most of his competitors for this debt. He was also the first buyer to securitize such paper, raising $3 billion, an amount none of his rivals achieved.

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