IRS Official Criticizes Judge Who Dismissed Charges in Weiss Fraud Case

Hume, Lynn
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p4
Trade Publication
The article reports that Lillian A. McEwen, the administrative law judge who handed down a 21-page ruling Friday that dismissed the U.S. Securities and Exchange Commission's (SEC) securities fraud charges against bond lawyer Ira Weiss, does not appear to understand the federal tax law, Charles Anderson, the manager of the Internal Revenue Service's field operations, said yesterday. McEwen concluded that Weiss acted properly and did not mislead bondholders about $9.6 million of three year notes issued by the Neshannock Township School District in Pennsylvania in June 2000 that the U.S. Internal Revenue Service later found violated the tax laws and that the SEC concluded violated the securities fraud laws. Sources familiar with the case said they expect the SEC's enforcement division to appeal McEwen's ruling because to let it stand would undermine federal regulators' municipal bond enforcement efforts.


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