WASHINGTON
The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and the head of accounting gimmicks used to conceal losses on a group of key loans. The SEC is seeking unspecified penalties and prohibitions against Levan serve as officers or directors of public companies.
BankAtlantic Bancorp, based in Fort Lauderdale, Fla., are the parents of the BankAtlantic savings bank, with $ 3.7 billion in assets as of 30 September.
In a statement, denied the allegations and said Levan’s parent company will contest them in court.