BBX Capital Corp. CEO and chairman Alan Levan will have to step down this month, a federal appellate court ruled Thursday.

Levan was banned in September from serving as an officer or director in any publicly traded company for two years, following a Miami jury's determination that he violated Securities and Exchange Commission regulations.

The U.S. Court of Appeals for the Eleventh Circuit denied Levan's motion to stay the ban pending his appeal. The Fort Lauderdale executive must step down by Christmas, as U.S. District Judge Darrin P. Gayles agreed Sept. 24 to delay implementing the ban for 90 days to give Levan time to wrap up business affairs.