BankAtlantic, CEO Hid Bad Loans From Investors: SEC

Law360, New York (January 18, 2012, 10:14 PM EST) -- The U.S. Securities and Exchange Commission sued BankAtlantic Bancorp Inc. in federal court Wednesday, accusing the Florida-based bank of defrauding investors to hide growing problems in its commercial real estate portfolio in the early stages of the financial crisis.

The suit claims the bank and its chairman and CEO, Alan B. Levan, made misleading statements in public filings and earnings calls in order to hide the deterioration of a large portion of its commercial residential real estate land acquisition and development loan portfolio in 2007....
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