Ex-BankAtlantic CEO Levan Gets Bar Order, Fine in SEC Suit
- Alan Levan, BBX Capital must pay a combined $5.85 million
- SEC sought a lifetime ban against CEO for running `Bank Levan'
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The chief executive of the company once known as BankAtlantic Bancorp Inc. was barred from serving as an executive or board member of any publicly traded company for two years, punishment after a jury’s fraud verdict against him.
The Securities and Exchange Commission, which sued CEO Alan Levan and the bank in 2012, had sought a lifetime ban. U.S. District Judge Darrin Gayles in Miami also ordered BBX Capital Corp., as the firm is now known, and Levan to pay fines totaling $5.85 million. Gayles agreed to a delay of 90 days on Levan’s bar order to give him a chance to appeal.