Empire Financial, a broker-dealer under investigation by the SEC for mutual fund late trading and improper trades, has taken steps to reach a settlement with regulators, officials stated in a Friday filing.

"We believe that the Company has taken certain actions to facilitate a settlement with the SEC, and, therefore, we are optimistic that a resolution of the SEC investigation will occur during 2004," stated Donald A. Wojnowski, Jr., president of Empire.

Kevin Gagne, former chairman and chief executive of the broker-dealer, took a leave of absence in May and resigned in June.

In May, Empire Financial said all employees connected with the trading scandals were no longer at the firm.  

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