The SEC has charged the holding company for one of Florida's largest banks and its CEO with misleading investors about growing problems in one of its loan portfolios.

The SEC alleged that BankAtlantic Bancorp and CEO/Chairman Alan Levan made misleading statements in public filings and earnings calls in order to hide the deteriorating state of a large portion of the bank's commercial real estate land acquisition and development portfolio in 2007.

BankAtlantic and Levan then allegedly committed accounting fraud when they minimized the bank's losses on their books by improperly recording loans they were trying to sell from this portfolio in late 2007.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.