WASHINGTON -- Those who think the municipal securities market is immune to insider trading scandals had better think again, a prominent attorney warned securities lawyers.

"It's a thing of the past, a dinosaur" to think the market does not have insider trading problems and will not be the subject of federal enforcement action, said Oliver Lee, a partner specializing in public finance at the Atlanta law firm of Troutman, Sanders, Lockerman & Ashmore. Mr. Lee made his comments at the American Bar Association annual meeting that was recently held in Atlanta.

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