Mark Goldwasser, the chief executive of brokerage Olympic Cascade Financial, said the firm is nearing a $600,000 settlement with the National Association of Securities Dealers over allegations one of its subsidiaries assisted market timers, The Seattle Times reports.

Goldwasser admitted that Olympic Cascade’s subsidiary, Seattle-based National Securities, acted as an "agent" for large hedge funds, including Eddie Stern’s notorious Canary Capital. However, he said that neither the firm, nor any of its principals, engaged in any market timing activity on their own behalf.

"It was a broker in the New York office servicing a few hedge funds that had been market timing," Goldwasser told the Times. "We were serving as agents. We didn’t intend to do anything wrong."

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