11th Circ. Axes SEC Win in BankAtlantic Fraud Case

By Kat Sieniuc (September 28, 2016, 6:18 PM EDT) -- The Eleventh Circuit reversed the U.S. Securities and Exchange Commission's quick win on allegations that a former BankAtlantic Bancorp CEO lied and committed accounting fraud during the financial crisis, ruling Wednesday that the lower court did not properly weigh all the evidence.

Alan Levan and BankAtlantic had urged the circuit in June to reverse a $1.3 million misstatements and fraud judgment that also ousted Levan from his CEO post, saying a Florida federal judge ignored plausible contradictory evidence when he told the jury that Levan lied about the health of the bank's commercial real estate portfolio leading up to the financial...

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