SEC Wants to Require Weiss to Get Bond Opinions Verified

Hume, Lynn
September 2004
Bond Buyer;9/14/2004, Vol. 349 Issue 31968, p5
Trade Publication
This article reports that lawyers of the U.S. Securities and Exchange Commission (SEC) are asking administrative law judge Lillian McEwen to prohibit bond counsel Ira Weiss from issuing any bond opinions for municipal securities transactions over the next five years unless, he has first gotten an independent lawyer knowledgeable about the federal securities laws to review and conclude with his opinions. The brief was filed on September 10, 2004, almost two months after a trial. The SEC charged in April that Weiss and investment banker L. Andrew Shupe lied to, and misled bondholders in the offering documents and tax-exempt bond opinion for the Neshannock note deal by contending that most of the proceeds would be spent on capital improvement projects during the three-year period after the bonds were issued on June 28, 2000.


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