BankAtlantic Bancorp misled investors about its banking subsidiary's financial health as South Florida's commercial real estate market headed downhill in the recession, a Miami federal jury found today in a shareholder class action. The verdict could be a harbinger for financial institutions around the nation, which, like BankAtlantic Bancorp, rode the real estate wave until it crashed.
November 18, 2010 at 12:00 AM
1 minute read
Fort Lauderdale-based BankAtlantic Bancorp intentionally misled investors about problems with loans to commercial developers, a Miami federal jury found Thursday in a rare securities fraud class action trial.
The bank holding company made a series of eight false statements in financial filings with the Securities and Exchange Commission, as well as comments by chairman and CEO Alan B. Levan and CFO Valerie Toalson, the jury found.
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