Court Chastises Bond Lawyer In Ruling

Law360, New York (November 29, 2006, 12:00 AM EST) -- A federal appeals court rejected Wednesday a Pennsylvania lawyer’s claim that the U.S. Securities and Exchange Commission wrongfully sanctioned him for mischaracterizing the tax-free status of interest earned in a bond offering.

Affirming the regulator’s December 2005 decision, the U.S. Court of Appeals for the D.C. Circuit held that Pittsburgh attorney Ira Weiss cut corners as bond counsel in the municipal bond offering of a Pennsylvania school board.

In his appeal, Weiss argued there wasn’t enough evidence to support the SEC’s decision and blamed his former...
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