DOW JONES NEWSWIRES The Securities & Exchange Commission charged bank holding company BankAtlantic Bancorp Inc. (BBX) and its top executive with misleading investors when the financial crisis was in its early stages. The SEC alleged that BankAtlantic Bancorp and Chief Executive and Chairman Alan Levan made misleading statements in public filings and earnings calls to hide deterioration in the bank's commercial residential real estate land acquisition and development portfolio in 2007. It also alleged the holding company and Levan committed accounting fraud through a scheme to minimize the appearance of losses by improperly recording loans they were trying to sell. Representatives for BankAtlantic Bancorp didn't respond immediately to a message seeking comment. The SEC's complaint seeks financial penalties and permanent injunctive relief against BankAtlantic and Levan to enjoin them from future violations of the federal securities laws. The complaint also seeks to limit Levan's ability to serve as an officer or director in the future. In November, BB&T Corp. (BBT) agreed to aquire the banking unit of BankAtlantic Bancorp for about $301 million, which would expand the North Carolina-based lender in Florida. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
