Published: Jun 13, 2014 3:49 PM EDT
Updated: Jun 13, 2014 3:51 PM EDT

ORLANDO, Fla. (AP) - The owner of a company charged with defrauding third-party debt purchasers of more than $70 million has been denied bond.
A federal judge in Orlando Thursday said Leonard Potillo was a flight risk and ordered him detained pending a trial.
Federal prosecutors say Potillo's company, United Credit Recovery, purchased 11 portfolios of overdraft debt from U.S. Bank for $31 million, even though the portfolios had an approximate face value of $820 million.
Prosecutors say Potillo was aided by an unnamed bank worker who was bribed with more than $1 million in exchange for insider information.
Prosecutors say Potillo was able to purchase properties in Canada, Scotland and Florida with the proceeds, as well as a Ferrari coupe, a Jaguar convertible and an Aston Martin convertible.

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