Post by Tony Enriquez on Dec 16, 2014 18:59:56 GMT 4
Statement on Jury's Verdict in Trial of BankAtlantic Bancorp, Inc. and Alan Levan
Andrew Ceresney
Director, Division of Enforcement
Dec. 15, 2014
We are pleased by today’s jury verdict finding that BankAtlantic Bancorp, Inc., now known as BBX Capital Corporation, and CEO Alan Levan committed securities fraud in connection with BBX’s public disclosures and financial statements. After a six-week trial, the jury found that Levan’s 2007 statements during BBX’s second quarter earnings conference call fraudulently misled investors regarding the financial health of the bank, that BBX’s 2007 annual report fraudulently understated the Bank’s loss for that year by approximately $53 million, and that Levan and BBX engaged in a course of business that operated as a fraud throughout 2007. We will continue to hold CEOs and other senior executives of public companies accountable, including through trials, if they engage in financial fraud and other violations of the federal securities laws.
Note:
The jury’s verdict came today following a six-week trial in federal court in Miami, Florida.
More: www.sec.gov/News/PressRelease/Detail/PressRelease/1365171483062
Andrew Ceresney
Director, Division of Enforcement
Dec. 15, 2014
We are pleased by today’s jury verdict finding that BankAtlantic Bancorp, Inc., now known as BBX Capital Corporation, and CEO Alan Levan committed securities fraud in connection with BBX’s public disclosures and financial statements. After a six-week trial, the jury found that Levan’s 2007 statements during BBX’s second quarter earnings conference call fraudulently misled investors regarding the financial health of the bank, that BBX’s 2007 annual report fraudulently understated the Bank’s loss for that year by approximately $53 million, and that Levan and BBX engaged in a course of business that operated as a fraud throughout 2007. We will continue to hold CEOs and other senior executives of public companies accountable, including through trials, if they engage in financial fraud and other violations of the federal securities laws.
Note:
The jury’s verdict came today following a six-week trial in federal court in Miami, Florida.
More: www.sec.gov/News/PressRelease/Detail/PressRelease/1365171483062