Mark Goldwasser, the chief executive of brokerage Olympic Cascade Financial, said the firm is nearing a $600,000 settlement with the
Goldwasser admitted that Olympic Cascades subsidiary, Seattle-based National Securities, acted as an "agent" for large hedge funds, including Eddie Sterns 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 didnt intend to do anything wrong."
