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South Florida

Federal regulator suing banker over alleged real estate loan fraud

Brendan Smialowski, AFP/Getty
Outside of the Securities and Exchange Commission. Credit: Brendan Smialowski, AFP/Getty

A government regulator is claiming that business executive Alan B. Levan deceived BankAtlantic investors about the quality of its real estate loans.

Levan, who led the former Fort Lauderdale-based BankAtlantic (now BB&T) as its CEO and chairman of the board, was reportedly portrayed as a liar who is unfit to run a public company.

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The South Florida Business Journal reported that Levan and his legal team are mounting an “aggressive defense.”

The SEC filed a lawsuit in 2012 against Levan over allegations of securities and accounting fraud. [South Florida Business Journal] – Katherine Kallergis

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Alan LevanBb&tSecurities And Exchange Commission