A federal appeals court has thrown out $5.8 million in civil penalties against the bank BBX Capital Corp. and its CEO stemming from fraud charges brought by the U.S. Securities and Exchange Commission.
The SEC claimed that Alan Levan, the CEO of BBX, formerly BankAtlantic Bancorp Inc., made false statements about the stability of certain loans during a July 2007 earnings call with shareholders. The commission also alleged that the bank should have treated held certain loans for sale rather than for investment.
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