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Monday, December 15, 2014

BBX, CEO liable for fraud in SEC financial crisis case, says US jury, (NASDAQ: TBBK)

Florida lender BankAtlantic Bancorp Inc and its chief executive defrauded investors in 2007, early in the U.S. financial crisis, a federal jury found on Monday.BBX Capital Corp, as BankAtlantic is known today, and Alan Levan, who remains as CEO, were found liable by a federal jury in Miami following a six-week trial in a lawsuit filed by the U.S. Securities and Exchange Commission.The verdict, while clearing the company and Levan on some claims, resulted in BBX Capital shares closing down 7.26 percent at $15.34 on the New York Stock Exchange on Monday.Andrew Ceresney, the SEC's director of enforcement, said the agency was pleased with the verdict. A lawyer for BBX and Levan said they planned to appeal.

The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK fell by 0.2% or $-0.02/share to $9.90. In the past year, the shares have traded as low as $7.81 and as high as $20.24. On average, 357800 shares of TBBK exchange hands on a given day and today's volume is recorded at 392970.