SEC Charges BankAtlantic Bancorp, CEO
Chief executive Alan Levan disputes the charges
Wednesday, Jan 18, 2012 | Updated 7:30 PM EDT
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The SEC has accused BankAtlantic Bancorp Inc. and its CEO with misleading investors about the bank's financial health as its real estate assets soured in 2007. Above, fans arrive for a game at the BankAtlantic Center in Sunrise in February 2009.
Federal regulators have accused BankAtlantic Bancorp Inc., the parent of one of Florida's biggest banks, and its chief executive of misleading investors about the bank's financial health as its holdings of commercial real estate loans soured in 2007.
The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and its chief used accounting gimmicks to hide losses on a key group of loans. The SEC is seeking unspecified penalties.
BankAtlantic Bancorp, based in Fort Lauderdale, Fla., is the parent of BankAtlantic, a savings bank with $3.7 billion in assets as of Sept. 30. In a statement, Levan disputed the charges and said the parent company will contest them in court.
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