The Real Deal Miami

Alan Levan claims BankAtlantic’s disclosures were “absolutely true”

SEC filed lawsuit including claims Levan deceived investors about quality of bank's real estate loans
December 08, 2014 12:20PM

Securities and Exchange Commission

SEC building

Alan Levan, the chairman and CEO of BBX Capital Corp. – the company that owned BankAtlantic – reportedly testified that the bank’s public statements were “absolutely true.”

The Securities and Exchange commission filed a lawsuit in 2012 against Levan over allegations of securities and accounting fraud, including claims he deceived investors about the quality of its real estate loans.

Levan also testified that the bank made better disclosures than all the other major Florida banks at the time. [South Florida Business Journal] – Katherine Kallergis