Share this story...
Latest News

Former BankAtlantic CEO cleared of SEC civil charges

MIAMI (AP) — A federal jury has cleared a former bank executive of civil charges brought by the Securities and Exchange Commission nearly a decade ago.

Monday’s verdict exonerating former BankAtlantic CEO Alan Levan follows a six-week trial in Miami. Charges against Levan date back to 2007, at the start of the real-estate market crash and subsequent financial crisis.

The SEC had accused Levan of making false statements about the performance of real estate loans held by BankAtlantic during a July 2007 conference call. Investigators also claimed BankAtlantic improperly accounted for 17 loans held in the bank’s portfolio.

North Carolina-based BB&T Corporation bought most of BankAtlantic’s assets in 2012, and the bank became BBX Capital Corporation.

Levan has recently returned as top executive of BBX following a successful appeal of the 2014 judgment.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Related Links