In re DANIEL J. MACKLE

 UNITED STATES OF AMERICA 
 Before the 
 SECURITIES AND EXCHANGE COMMISSION 
 
SECURITIES EXCHANGE ACT OF 1934 
Release No. 97034 / March 3, 2023 
 
INVESTMENT ADVISERS ACT OF 1940  
Release No. 6254 / March 3, 2023 
 
ADMINISTRATIVE PROCEEDING 
File No.  3-21325 
 
In the Matter of 
 
 
DANIEL J. MACKLE, SR.  
AND 
SILVER EDGE FINANCIAL LLC, 
 
Respondents. 
 
 
 
 
ORDER INSTITUTING 
ADMINISTRATIVE AND CEASE-
AND-DESIST PROCEEDINGS, 
PURSUANT TO SECTIONS 15(b) 
AND 21C OF THE SECURITIES 
EXCHANGE ACT OF 1934 AND 
SECTION 203(f) OF THE 
INVESTMENT ADVISERS ACT OF 
1940, MAKING FINDINGS, AND 
IMPOSING REMEDIAL 
SANCTIONS AND A CEASE-AND-
DESIST ORDER  
   
 
I. 
 
 The Securities and Exchange Commission (“Commission”) deems it appropriate and in 
the public interest that public administrative and cease-and-desist proceedings be, and hereby 
are, instituted pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 
(“Exchange Act”) against Silver Edge Financial LLC (“Silver Edge”) and additionally pursuant 
to Section 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) against Daniel J. 
Mackle, Sr. (“Mackle”).  
 
II. 
 
 In anticipation of the institution of these proceedings, Silver Edge and Mackle 
(collectively, “Respondents”) have submitted an Offer of Settlement (the “Offer”) which the 
Commission has determined to accept.  Solely for the purpose of these proceedings and any other 
proceedings brought by or on behalf of the Commission, or to which the Commission is a party, 
and without admitting or denying the findings herein, except as to the Commission’s jurisdiction 
over them and the subject matter of these proceedings, which are admitted, and except as 
provided herein in Section V, Respondents consent to the entry of this Order Instituting 
Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the 

 2 
Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, 
Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”), as 
set forth below. 
 
III. 
 
 On the basis of this Order and Respondents’ Offer, the Commission finds
1
 that:  
 
Summary 
 
1. This proceeding arises out of Respondents’ sale of membership interests in two 
pooled investment vehicles – the Silver Edge Pre-IPO Fund LLC and the Silver Edge Venture 
Fund LLC (the “Silver Edge Funds”) – that were formed to invest in pre-IPO securities.  Since 
January 2019, Silver Edge and its CEO, Daniel Mackle, procured interests in a portfolio of pre-IPO 
shares which they offered to investors as membership interests in the Silver Edge Funds.  Silver 
Edge is the Manager of the Silver Edge Funds and Mackle was the sole member of Silver Edge. 
   
2. During the relevant period, Silver Edge and Mackle sold over $65 million worth of 
interests in the Silver Edge Funds to investors with the assistance of a sales force of unregistered 
brokers.  Respondents marketed and sold series interests in the Silver Edge Funds nationwide and 
were paid management fees as a percentage of the amounts sold.  In so doing, Respondents 
operated as unregistered brokers in violation of Section 15(a) of the Exchange Act. 
 
Respondents 
 
 3. Daniel J. Mackle, Sr. (CRD No. 2239531), age 53, is a resident of Pomona, New 
York.  Mackle is the CEO and Managing Member of Silver Edge.  Mackle was previously 
associated with several broker-dealers registered with the Commission from August 1991 through 
March 2019 and June 2019 through July 2020.  Mackle was associated with two investment 
advisers from November 2012 through January 2018, December 2019 through November 2022, and 
January through May 2022.   
 
 4. Silver Edge Financial LLC was formed in Delaware on December 26, 2018 and its 
primary place of business is in Hackensack, New Jersey.  Silver Edge is the Manager of the Silver 
Edge Funds.  Silver Edge has never been registered with the Commission. 
 
Other Relevant Entities 
 
5. Silver Edge Pre-IPO Fund LLC was formed in Delaware on January 14, 2019, is 
a pooled investment vehicle managed by Mackle and operated by Silver Edge.  The fund’s assets 
include rights to pre-IPO shares which are offered to investors as series interests in the Fund. 
                                                
1
  The findings herein are made pursuant to Respondents’ Offers of Settlement and are not 
binding on any other person or entity in this or any other proceeding.  
 

 3 
 
6. Silver Edge Venture Fund LLC was formed in Delaware on January 15, 2020, is 
a pooled investment vehicle managed by Mackle and operated by Silver Edge.  The fund’s assets 
include rights to pre-IPO shares which are offered to investors as series interests in the Fund.  
 
Background 
 
7. Beginning in January 2019, Silver Edge ran two “pre-IPO” funds that provide 
accredited investors access to the shares of private companies, which the Manager, Mackle, 
antipated would have an initial public offering (“IPO”) or other liquidity event within 2-5 years.  
The Silver Edge Funds were both set up as series LLCs, where each series held the rights to 
shares of a particular private company.  The membership interests in the Silver Edge Funds are 
securities.   
 
8. Mackle founded Silver Edge and supervised all aspects of Silver Edge’s operations, 
including establishing the Silver Edge Funds; acquiring pre-IPO shares, hiring a team of sales 
representatives, providing them with information about the pre-IPO shares held by the Funds and 
the names of accredited investors for them to contact; and overseeing distribution of the shares to 
investors when a liquidity event occurred. 
 
9. Silver Edge sold the majority of interests in the Silver Edge Funds’ series through 
a team of unregistered sales representatives who were compensated as independent contractors.  
From January 2019 through the present, Silver Edge’s sales team solicited investors to purchase 
pre-IPO shares through series interests in the Silver Edge Funds.  Silver Edge raised over $65 
million from accredited investors during this time, through offerings of more than 30 different 
series interests.  Silver Edge’s sales staff was paid directly by Silver Edge, and received 
discretionary bonuses based on their success in selling the shares. 
 
10. Respondents used interstate commerce or the mails to effect transactions in the 
Silver Edge Funds’ securities or to induce or attempt to induce others to purchase or sell the 
Silver Edge Funds’ securities.  Respondents provided their sales team with lists of accredited 
investors, which the sales representatives used to cold-call investors nationwide.  Respondents 
provided potential investors with information regarding the companies whose pre-IPO shares 
Silver Edge was offering, and took steps to secure investments in the Silver Edge Funds by 
providing investment documentation to potential investors.  When necessary, Mackle followed 
up with investors to answer questions about the investments or to close the investment deals.  
Silver Edge received a 4% management fee, in addition to a 3% administrative fee and 10% 
placement agent fee based on the amount of Silver Edge Funds’ securities sold that was used to 
compensate its sales team.  Mackle took the 4% management fee as his compensation for 
managing Silver Edge. 
 
11. However, throughout the relevant time period, neither Mackle nor Silver Edge 
was registered with the Commission as a broker or dealer.  Mackle, although registered with 
other broker-dealers for part of the relevant time period, was not acting on behalf of these 

 4 
brokerage firms when offering and selling shares on behalf of Silver Edge and did so outside the 
scope of their supervision.   
 
Violations 
 
12. As a result of the conduct described above, Respondents willfully
2
 violated 
Section 15(a) of the Exchange Act, which prohibits any broker or dealer from making use of the 
mails or any means or instrumentality of interstate commerce, to effect any transaction in, or 
induce or attempt to induce the purchase or sale of, any security unless the broker or dealer is 
registered in accordance with Section 15(b) of the Exchange Act or is a natural person who is 
associated with a registered broker or dealer. 
 
Disgorgement and Civil Penalties 
 
13. The disgorgement and prejudgment interest ordered in paragraph IV.D. is 
consistent with equitable principles, does not exceed Respondents’ net profits from its violations, 
and returning the money to Respondents would be inconsistent with equitable principles.  
Therefore, in these circumstances, distributing disgorged funds to the U.S. Treasury is the most 
equitable alternative.  The disgorgement and prejudgment interest ordered in paragraph IV.D. 
shall be transferred to the general fund of the U.S. Treasury, subject to Section 21F(g)(3) of the 
Exchange Act.   
 
  
                                                
2
  “Willfully,” for purposes of imposing relief under Section 15(b) of the Exchange Act and 
Section 9(b) of the Investment Company Act, “‘means no more than that the person charged with 
the duty knows what he is doing.’”  Wonsover v. SEC, 205 F.3d 408, 414 (D.C. Cir. 2000) 
(quoting Hughes v. SEC, 174 F.2d 969, 977 (D.C. Cir. 1949)).  There is no requirement that the 
actor “also be aware that he is violating one of the Rules or Acts.”  Tager v. SEC, 344 F.2d 5, 8 
(2d Cir. 1965).   The decision in The Robare Group, Ltd. v. SEC, which construed the term 
“willfully” for purposes of a differently structured statutory provision, does not alter that 
standard.  922 F.3d 468, 478-79 (D.C. Cir. 2019) (setting forth the showing required to establish 
that a person has “willfully omit[ted]” material information from a required disclosure in 
violation of Section 207 of the Advisers Act). 

 5 
Undertakings 
 
14. Independent Distribution Consultant Requirement. Respondents shall retain, 
within 60 days of the date of entry of the Order, the services of an Independent Distribution 
Consultant (“IDC”) not unacceptable to the staff of the Commission.  
a. Respondents shall compensate the IDC, and persons engaged to assist the 
IDC, for services rendered pursuant to the Order at their reasonable and customary rates. 
The IDC’s compensation and expenses shall be wholly borne by Respondents or from 
carried interest in connection with a liquidity event, as per paragraph 16(b), below.  
Respondents shall establish an escrow account at a U.S. bank, or pay into a U.S. attorney 
trust account agreed to by the Commission, $25,000 to be held as a retainer for the IDC, 
which shall be used to pay any outstanding invoices of the IDC.  Respondents remain 
responsible for all remaining compensation and expenses of the IDC following 
exhaustion of the $25,000 retainer.    
b. Respondents shall cooperate fully with the IDC and shall provide the IDC 
with access to their files, books, records, and personnel as reasonably requested for the 
review. In the event of Respondents’ material noncompliance with the IDC, the IDC shall 
provide written notification to the staff of the Commission within 15 days of such 
noncompliance. 
c. Respondents shall require that the IDC develop a written plan for the 
distribution of the members’ interests in the Silver Edge Funds (the “Distribution Plan”), 
including the ultimate liquidation of members’ interests in the underlying Pre-IPO 
Shares, whether through distributions after liquidity events or sales of the Pre-IPO Shares 
and cash distributions to investors, in accordance with a methodology not unacceptable to 
the staff of the Commission.  
i. The Distribution Plan shall provide for the transfer of all assets of 
the Silver Edge Funds to the IDC or its designee within six months of 
Respondents’ engagement of the IDC, including without limitation the transfer of 
all membership interests, including those held by the Silver Edge Funds’ 
investors, rights to underlying Pre-IPO Shares, and general assets of the Silver 
Edge Funds to the possession, custody or control of the IDC for distribution, 
provided however that no pre-existing liabilities incurred by Silver Edge, Mackle, 
or the Silver Edge Funds shall be transferred to the IDC, and Mackle and Silver 
Edge shall remain responsible for all pre-existing liabilities of the Silver Edge 
Funds. 
ii. The Distribution Plan shall provide for investors to receive, from 
the monies and assets available for distribution, their proportionate share of any 
gains and losses, as well as the investors’ interests in the portfolio of Pre-IPO 
Shares, whether through distributions after liquidity events or sales of the Pre-IPO 
Shares and distributions to investors, in accordance with the methodology set 

 6 
forth in the Funds’ respective Private Placement Memoranda and Operating 
Agreement.    
iii. The Distribution Plan shall provide for completion of the 
distribution of all assets and conclusion of the Distribution Plan within ten years 
of approval of the Distribution Plan by the Commission staff.  The Distribution 
Plan shall provide for the orderly sale and distribution of any remaining interest in 
Pre-IPO Shares if the Funds’ interests in those shares have not experienced a 
liquidity event at the end of ten years from the staff’s approval of the Distribution 
Plan.   
d. Respondents shall require that the IDC, for the period of the engagement 
and for a period of two years from completion of the engagement, shall not enter into any 
employment, consultant, attorney-client, auditing or other professional relationship with 
Respondents, or any of its present or former affiliates, directors, officers, employees, or 
agents acting in their capacity as such. Respondents shall require that any firm with 
which the IDC is affiliated in performance of his or her duties under the Order shall not, 
without prior written consent of the staff of the Commission, enter into any employment, 
consultant, attorney-client, auditing or other professional relationship with Respondents, 
or any of their present or former affiliates, directors, officers, employees, or agents acting 
in their capacity as such for the period of the engagement and for a period of two years 
after the engagement. 
e. Respondents shall not, for the period of engagement and for a period of 
two years from completion of the engagement, (i) retain the IDC for any other 
professional services outside of the services described in this Order; (ii) enter into any 
other professional relationship with the IDC, including any employment, consultant, 
attorney-client, auditing or other professional relationship; or (iii) enter, without prior 
written consent of the Commission staff, into any such professional relationship with any 
of the IDC’s present or former affiliates, employers, directors, officers, employees, or 
agents acting in their capacity as such. 
f. Respondents (i) shall not have the authority to terminate the IDC, without 
the prior written approval of the staff of the Commission; and (ii) shall not be in and shall 
not have an attorney-client relationship with the IDC and shall not seek to invoke the 
attorney-client or any other doctrine or privilege to prevent the IDC from transmitting 
any information, reports, or documents to the Commission. 
15. Proof of IDC Engagement. Respondents shall provide to the Commission staff, 
prior to the retention of the IDC, two proposed candidates to serve as IDC and a draft of an 
engagement letter detailing the IDC’s responsibilities, which shall include the responsibilities 
and tasks set forth herein.  Once the Commission staff has identified one or more candidates not 
unacceptable to the Staff, Silver Edge shall retain one of the IDCs and, within 15 days of 
retaining the IDC, provide to the Commission staff an executed copy of the engagement letter 
demonstrating the IDC’s engagement by Silver Edge.  Once appointed, the IDC shall establish a 
trust and/or escrow arrangement not unacceptable to the Commission staff in which to hold the 

 7 
assets of the Silver Edge Funds, including the members’ interests in the portfolio of Pre-IPO 
Shares. 
16. Distribution Plan. Respondents shall require that the IDC submit a proposed 
Distribution Plan to Respondents and the staff of the Commission no more than 90 days after the 
date of entry of the Order.  The Distribution Plan may be in any form not unacceptable to the 
IDC and Commission staff, including a Delaware Statutory Trust Agreement to the extent 
practicable.   
a. The proposed Distribution Plan will include provisions for the ultimate 
liquidation of the portfolio of pre-IPO shares, whether through distributions after liquidity 
events or sales of the pre-IPO shares and distributions of the proceeds to investors.  
b. The Distribution Plan shall provide that in no event will any portion of the 
funds or assets revert to or otherwise be distributed to or for the benefit of any 
Respondent, including any carried interest earned in connection with any liquidity event.  
In the event that carried interest is earned in connection with any liquidity event, such 
carried interest shall be distributed to the IDC and may be used to pay any outstanding 
amounts due and owed to the IDC at the time such carried interest is distributed, or 
coming due after the time when such carried interest is distributed.  To the extent such 
carried interest is used to pay the IDC for amounts due or owed, it shall serve to offset 
any amounts owed by the Respondents for the IDC’s services.  In the event there are 
additional amounts of carried interest in excess of the reasonable fees or expenses due 
and owed to the IDC in connection with its services, such amounts shall be distributed to 
the United States Treasury as additional disgorgement at the conclusion of the IDC 
services. 
17. Approval of Plan. The Distribution Plan developed by the IDC shall be binding 
unless, within 90 days after receipt of the proposed Distribution Plan, the staff of the 
Commission advises the IDC, in writing, of any determination or calculation from the 
Distribution Plan that it considers to be inappropriate and states in writing the reasons for 
considering such determination or calculation inappropriate. 
18.  Objection Procedure. With respect to any determination or calculation with which 
the staff of the Commission does not agree, the staff will work in good faith with the IDC to 
reach an agreement within 60 days of the date of the written objection. In the event that the staff 
of the Commission and the IDC are unable to agree on an alternative determination or 
calculation, the determinations and calculations of the Commission staff shall be binding. 
19. Execution of Plan. Respondents shall require that the IDC take all necessary and 
appropriate steps to administer the final Distribution Plan for distribution of the portfolio of pre-
IPO shares, whether through distributions after liquidity events or sales of the pre-IPO shares and 
distributions to investors, in accordance with the final Distribution Plan.  To the extent required 
by the Distribution Plan, Respondents shall cooperate with the IDC by, among other things, 
transferring, executing and entering into any agreements transferring membership interests or 

 8 
rights in the underlying pre-IPO shares, as well as any other steps reasonably required by the 
IDC for fulfillment of the Distribution Plan.   
20. Final Accounting. Within 150 days after the IDC completes the distribution of 
amounts payable to the affected investors under the Distribution Plan, the IDC shall return all 
undisbursed funds to the Commission pursuant to the instructions set forth in this Subsection III.  
The IDC shall then submit to the Commission staff a final accounting and certification of the 
disposition of the Funds’ assets, including membership interests and rights to the underlying 
rights to pre-IPO shares.  The final accounting shall be in a format to be provided by the 
Commission staff.  The final accounting and certification shall include: (1) the number and value 
of any shares distributed following any liquidity events; (2) the amount paid to each affected 
investor, with reasonable interest and post-order interest if applicable; (3) the date of each 
distribution of shares of payment; (4) the check number or other identifier of money transferred 
to each affected investor; (5) the amount of any returned payment and the date received; (6) a 
description of any effort to locate an affected investor whose payment was returned or to whom 
payment was not made for any reason; (7) the total amount, if any, to be forwarded to the 
Commission for transfer to the United States Treasury; and (8) an affirmation that the IDC has 
made all distributions and payments to affected investors in accordance with the Distribution 
Plan approved by the Commission staff.  The IDC shall submit the final accounting and 
certification, together with proof and supporting documentation of such payment in a form 
acceptable to Commission staff, under a cover letter that identifies Silver Edge Financial, LLC as 
the Respondent in these proceedings and the file number of these proceedings to Assistant 
Director David Becker, 100 F Street NE, Washington, DC 20549, or such other address as the 
Commission staff may provide.  The IDC shall provide any and all supporting documentation for 
the accounting and certification to the Commission staff upon request, and the IDC shall 
cooperate with any additional requests by the Commission staff in connection with the 
accounting and certification. 
21. Procedural Deadlines. The Commission staff may extend any of the procedural 
dates set forth in Paragraphs 14 through 20 of this Subsection III for good cause shown and 
solely at the discretion of the Commission staff. Deadlines for all dates shall be counted in 
calendar days, except if the last day falls on a weekend or federal holiday, the next business day 
shall be considered the last day. 
22. Certification. No later than twenty-four months after the date of entry of the 
Order, each Respondent shall make an interim certification to the Commission in writing that the 
Respondents have fully adopted and complied in all material respects with the undertakings set 
forth in this section that were required by that time period and with the recommendations of the 
IDC or, in the event of material non-adoption or non-compliance, shall describe such material 
non-adoption and non-compliance.  At the completion of the IDC’s services, each Respondent 
shall make a final certification to the Commission in writing that Respondents have fully adopted 
and complied with the undertakings set forth in this section and with the recommendations of the 
IDC or, in the event of material non-compliance, shall describe such non-compliance to the 
Commission in writing.   

 9 
23. Recordkeeping. Respondents shall preserve for a period not less than six years 
from the end of the fiscal year last used, the first two years in an easily accessible place, any 
record of Respondents' compliance with the undertakings set forth in this Subection III.  
 
IV. 
 In view of the foregoing, the Commission deems it appropriate and in the public interest 
to impose the sanctions agreed to in Respondents’ Offer. 
 
 Accordingly, pursuant to Sections 15(b) and 21C of the Exchange Act and, as to Mackle 
only, Section 203(f) of the Advisers Act, it is hereby ORDERED that: 
 
 A. Respondents cease and desist from committing or causing any violations and any 
future violations Section 15(a) of the Exchange Act. 
 
B. Respondents be, and hereby are: 
 
barred from association with any broker, dealer, investment adviser, 
municipal securities dealer, municipal advisor, transfer agent, or nationally 
recognized statistical rating organization with the right to apply for reentry 
after five (5) years to the appropriate self-regulatory organization, or if there 
is none, to the Commission; and 
 
barred from participating in any offering of a penny stock, including: 
acting as a promoter, finder, consultant, agent or other person who 
engages in activities with a broker, dealer or issuer for purposes of the 
issuance or trading in any penny stock, or inducing or attempting to induce 
the purchase or sale of any penny stock with the right to apply for reentry 
after five (5) years to the appropriate self-regulatory organization, or if there 
is none, to the Commission. 
 
 C. Any reapplication for association by the Respondents will be subject to the 
applicable laws and regulations governing the reentry process, and reentry may be conditioned 
upon a number of factors, including, but not limited to, compliance with the Commission’s order 
and payment of any or all of the following:  (a) any disgorgement or civil penalties ordered by a 
Court against the Respondents in any action brought by the Commission; (b) any disgorgement 
amounts ordered against the Respondents for which the Commission waived payment; (c) any 
arbitration award related to the conduct that served as the basis for the Commission order; (d) 
any self-regulatory organization arbitration award to a customer, whether or not related to the 
conduct that served as the basis for the Commission order; and (e) any restitution order by a self-
regulatory organization, whether or not related to the conduct that served as the basis for the 
Commission order. 
 
D. Respondents shall pay disgorgement of $2,251,139.92, prejudgment interest of 
$268,928.33 and civil penalties of $975,000, jointly and severally, to the Securities and 

 10 
Exchange Commission or transfer to the general fund of the United States Treasury, subject to 
Exchange Act Section 21F(g)(3).  If timely payment is not made, interest shall accrue pursuant to 
31 U.S.C. § 3717 and Commission Rule of Practice 600. 
 
Payment must be made in one of the following ways:   
 
(1) Respondents may transmit payment electronically to the Commission, 
which will provide detailed ACH transfer/Fedwire instructions upon 
request;  
 
(2) Respondents may make direct payment from a bank account via Pay.gov 
through the SEC website at http://www.sec.gov/about/offices/ofm.htm; or  
 
(3) Respondents may pay by certified check, bank cashier’s check, or United 
States postal money order, made payable to the Securities and Exchange 
Commission and hand-delivered or mailed to:  
 
Enterprise Services Center 
Accounts Receivable Branch 
HQ Bldg., Room 181, AMZ-341 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 
Payments by check or money order must be accompanied by a cover letter identifying the 
Respondent and as a Respondent in these proceedings, and the file number of these proceedings; 
a copy of the cover letter and check or money order must be sent to David Becker, Division of 
Enforcement, Securities and Exchange Commission, 100 F St., NE, Washington, DC 20549-
0213.   
 
 E. Amounts ordered to be paid as civil money penalties pursuant to this Order shall 
be treated as penalties paid to the government for all purposes, including all tax purposes.  To 
preserve the deterrent effect of the civil penalty, Respondent agrees that in any Related Investor 
Action, Respondents shall not argue that they are entitled to, nor shall they benefit by, offset or 
reduction of any award of compensatory damages by the amount of any part of Respondent’s 
payment of a civil penalty in this action (“Penalty Offset”).  If the court in any Related Investor 
Action grants such a Penalty Offset, Respondents agree that they shall, within 30 days after entry 
of a final order granting the Penalty Offset, notify the Commission’s counsel in this action and 
pay the amount of the Penalty Offset to the Securities and Exchange Commission.  Such a 
payment shall not be deemed an additional civil penalty and shall not be deemed to change the 
amount of the civil penalty imposed in this proceeding.  For purposes of this paragraph, a 
“Related Investor Action” means a private damages action brought against Respondents by or on 
behalf of one or more investors based on substantially the same facts as alleged in the Order 
instituted by the Commission in this proceeding. 
 

 11 
 F. Respondents shall comply with the undertakings enumerated in Paragraph 14-23, 
above. 
 
It is further Ordered that, solely for purposes of exceptions to discharge set forth in 
Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the findings in this Order are true and 
admitted by Mackle, and further, any debt for disgorgement, prejudgment interest, civil penalty 
or other amounts due by Mackle under this Order or any other judgment, order, consent order, 
decree or settlement agreement entered in connection with this proceeding, is a debt for the 
violation by Mackle of the federal securities laws or any regulation or order issued under such 
laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19). 
 
 
 By the Commission. 
 
 
 
Vanessa A. Countryman 
       Secretary 
 
 
 

UNITED STATES OF AMERICA 

 Before the 

 SECURITIES AND EXCHANGE COMMISSION 

 

SECURITIES EXCHANGE ACT OF 1934 

Release No. 97034 / March 3, 2023 

 

INVESTMENT ADVISERS ACT OF 1940  

Release No. 6254 / March 3, 2023 

 

ADMINISTRATIVE PROCEEDING 

File No.  3-21325 

 

In the Matter of 

 

 

DANIEL J. MACKLE, SR.  

AND 

SILVER EDGE FINANCIAL LLC, 

 

Respondents. 

 

 

 

 

ORDER INSTITUTING 

ADMINISTRATIVE AND CEASE-

AND-DESIST PROCEEDINGS, 

PURSUANT TO SECTIONS 15(b) 

AND 21C OF THE SECURITIES 

EXCHANGE ACT OF 1934 AND 

SECTION 203(f) OF THE 

INVESTMENT ADVISERS ACT OF 

1940, MAKING FINDINGS, AND 

IMPOSING REMEDIAL 

SANCTIONS AND A CEASE-AND-

DESIST ORDER  

   

 

I. 
 

 The Securities and Exchange Commission (“Commission”) deems it appropriate and in 

the public interest that public administrative and cease-and-desist proceedings be, and hereby 

are, instituted pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 

(“Exchange Act”) against Silver Edge Financial LLC (“Silver Edge”) and additionally pursuant 

to Section 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) against Daniel J. 

Mackle, Sr. (“Mackle”).  

 

II. 

 

 In anticipation of the institution of these proceedings, Silver Edge and Mackle 

(collectively, “Respondents”) have submitted an Offer of Settlement (the “Offer”) which the 

Commission has determined to accept.  Solely for the purpose of these proceedings and any other 

proceedings brought by or on behalf of the Commission, or to which the Commission is a party, 

and without admitting or denying the findings herein, except as to the Commission’s jurisdiction 

over them and the subject matter of these proceedings, which are admitted, and except as 

provided herein in Section V, Respondents consent to the entry of this Order Instituting 

Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the 



 2 

Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, 

Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”), as 

set forth below. 

 

III. 
 

 On the basis of this Order and Respondents’ Offer, the Commission finds1 that:  

 

Summary 
 

1. This proceeding arises out of Respondents’ sale of membership interests in two 

pooled investment vehicles – the Silver Edge Pre-IPO Fund LLC and the Silver Edge Venture 

Fund LLC (the “Silver Edge Funds”) – that were formed to invest in pre-IPO securities.  Since 

January 2019, Silver Edge and its CEO, Daniel Mackle, procured interests in a portfolio of pre-IPO 

shares which they offered to investors as membership interests in the Silver Edge Funds.  Silver 

Edge is the Manager of the Silver Edge Funds and Mackle was the sole member of Silver Edge. 

   

2. During the relevant period, Silver Edge and Mackle sold over $65 million worth of 

interests in the Silver Edge Funds to investors with the assistance of a sales force of unregistered 

brokers.  Respondents marketed and sold series interests in the Silver Edge Funds nationwide and 

were paid management fees as a percentage of the amounts sold.  In so doing, Respondents 

operated as unregistered brokers in violation of Section 15(a) of the Exchange Act. 

 

Respondents 

 

 3. Daniel J. Mackle, Sr. (CRD No. 2239531), age 53, is a resident of Pomona, New 

York.  Mackle is the CEO and Managing Member of Silver Edge.  Mackle was previously 

associated with several broker-dealers registered with the Commission from August 1991 through 

March 2019 and June 2019 through July 2020.  Mackle was associated with two investment 

advisers from November 2012 through January 2018, December 2019 through November 2022, and 

January through May 2022.   

 

 4. Silver Edge Financial LLC was formed in Delaware on December 26, 2018 and its 

primary place of business is in Hackensack, New Jersey.  Silver Edge is the Manager of the Silver 

Edge Funds.  Silver Edge has never been registered with the Commission. 

 

Other Relevant Entities 

 

5. Silver Edge Pre-IPO Fund LLC was formed in Delaware on January 14, 2019, is 

a pooled investment vehicle managed by Mackle and operated by Silver Edge.  The fund’s assets 

include rights to pre-IPO shares which are offered to investors as series interests in the Fund. 

                                                
1  The findings herein are made pursuant to Respondents’ Offers of Settlement and are not 

binding on any other person or entity in this or any other proceeding.  

 



 3 

 

6. Silver Edge Venture Fund LLC was formed in Delaware on January 15, 2020, is 

a pooled investment vehicle managed by Mackle and operated by Silver Edge.  The fund’s assets 

include rights to pre-IPO shares which are offered to investors as series interests in the Fund.  

 

Background 

 

7. Beginning in January 2019, Silver Edge ran two “pre-IPO” funds that provide 

accredited investors access to the shares of private companies, which the Manager, Mackle, 

antipated would have an initial public offering (“IPO”) or other liquidity event within 2-5 years.  

The Silver Edge Funds were both set up as series LLCs, where each series held the rights to 

shares of a particular private company.  The membership interests in the Silver Edge Funds are 

securities.   

 

8. Mackle founded Silver Edge and supervised all aspects of Silver Edge’s operations, 

including establishing the Silver Edge Funds; acquiring pre-IPO shares, hiring a team of sales 

representatives, providing them with information about the pre-IPO shares held by the Funds and 

the names of accredited investors for them to contact; and overseeing distribution of the shares to 

investors when a liquidity event occurred. 

 

9. Silver Edge sold the majority of interests in the Silver Edge Funds’ series through 

a team of unregistered sales representatives who were compensated as independent contractors.  

From January 2019 through the present, Silver Edge’s sales team solicited investors to purchase 

pre-IPO shares through series interests in the Silver Edge Funds.  Silver Edge raised over $65 

million from accredited investors during this time, through offerings of more than 30 different 

series interests.  Silver Edge’s sales staff was paid directly by Silver Edge, and received 

discretionary bonuses based on their success in selling the shares. 

 

10. Respondents used interstate commerce or the mails to effect transactions in the 

Silver Edge Funds’ securities or to induce or attempt to induce others to purchase or sell the 

Silver Edge Funds’ securities.  Respondents provided their sales team with lists of accredited 

investors, which the sales representatives used to cold-call investors nationwide.  Respondents 

provided potential investors with information regarding the companies whose pre-IPO shares 

Silver Edge was offering, and took steps to secure investments in the Silver Edge Funds by 

providing investment documentation to potential investors.  When necessary, Mackle followed 

up with investors to answer questions about the investments or to close the investment deals.  

Silver Edge received a 4% management fee, in addition to a 3% administrative fee and 10% 

placement agent fee based on the amount of Silver Edge Funds’ securities sold that was used to 

compensate its sales team.  Mackle took the 4% management fee as his compensation for 

managing Silver Edge. 

 

11. However, throughout the relevant time period, neither Mackle nor Silver Edge 

was registered with the Commission as a broker or dealer.  Mackle, although registered with 

other broker-dealers for part of the relevant time period, was not acting on behalf of these 



 4 

brokerage firms when offering and selling shares on behalf of Silver Edge and did so outside the 

scope of their supervision.   

 

Violations 

 

12. As a result of the conduct described above, Respondents willfully2 violated 

Section 15(a) of the Exchange Act, which prohibits any broker or dealer from making use of the 

mails or any means or instrumentality of interstate commerce, to effect any transaction in, or 

induce or attempt to induce the purchase or sale of, any security unless the broker or dealer is 

registered in accordance with Section 15(b) of the Exchange Act or is a natural person who is 

associated with a registered broker or dealer. 

 

Disgorgement and Civil Penalties 

 

13. The disgorgement and prejudgment interest ordered in paragraph IV.D. is 

consistent with equitable principles, does not exceed Respondents’ net profits from its violations, 

and returning the money to Respondents would be inconsistent with equitable principles.  

Therefore, in these circumstances, distributing disgorged funds to the U.S. Treasury is the most 

equitable alternative.  The disgorgement and prejudgment interest ordered in paragraph IV.D. 

shall be transferred to the general fund of the U.S. Treasury, subject to Section 21F(g)(3) of the 

Exchange Act.   

 

  

                                                
2  “Willfully,” for purposes of imposing relief under Section 15(b) of the Exchange Act and 

Section 9(b) of the Investment Company Act, “‘means no more than that the person charged with 

the duty knows what he is doing.’”  Wonsover v. SEC, 205 F.3d 408, 414 (D.C. Cir. 2000) 

(quoting Hughes v. SEC, 174 F.2d 969, 977 (D.C. Cir. 1949)).  There is no requirement that the 

actor “also be aware that he is violating one of the Rules or Acts.”  Tager v. SEC, 344 F.2d 5, 8 

(2d Cir. 1965).   The decision in The Robare Group, Ltd. v. SEC, which construed the term 

“willfully” for purposes of a differently structured statutory provision, does not alter that 

standard.  922 F.3d 468, 478-79 (D.C. Cir. 2019) (setting forth the showing required to establish 

that a person has “willfully omit[ted]” material information from a required disclosure in 

violation of Section 207 of the Advisers Act). 



 5 

Undertakings 

 

14. Independent Distribution Consultant Requirement. Respondents shall retain, 

within 60 days of the date of entry of the Order, the services of an Independent Distribution 

Consultant (“IDC”) not unacceptable to the staff of the Commission.  

a. Respondents shall compensate the IDC, and persons engaged to assist the 

IDC, for services rendered pursuant to the Order at their reasonable and customary rates. 

The IDC’s compensation and expenses shall be wholly borne by Respondents or from 

carried interest in connection with a liquidity event, as per paragraph 16(b), below.  

Respondents shall establish an escrow account at a U.S. bank, or pay into a U.S. attorney 

trust account agreed to by the Commission, $25,000 to be held as a retainer for the IDC, 

which shall be used to pay any outstanding invoices of the IDC.  Respondents remain 

responsible for all remaining compensation and expenses of the IDC following 

exhaustion of the $25,000 retainer.    

b. Respondents shall cooperate fully with the IDC and shall provide the IDC 

with access to their files, books, records, and personnel as reasonably requested for the 

review. In the event of Respondents’ material noncompliance with the IDC, the IDC shall 

provide written notification to the staff of the Commission within 15 days of such 

noncompliance. 

c. Respondents shall require that the IDC develop a written plan for the 

distribution of the members’ interests in the Silver Edge Funds (the “Distribution Plan”), 

including the ultimate liquidation of members’ interests in the underlying Pre-IPO 

Shares, whether through distributions after liquidity events or sales of the Pre-IPO Shares 

and cash distributions to investors, in accordance with a methodology not unacceptable to 

the staff of the Commission.  

i. The Distribution Plan shall provide for the transfer of all assets of 

the Silver Edge Funds to the IDC or its designee within six months of 

Respondents’ engagement of the IDC, including without limitation the transfer of 

all membership interests, including those held by the Silver Edge Funds’ 

investors, rights to underlying Pre-IPO Shares, and general assets of the Silver 

Edge Funds to the possession, custody or control of the IDC for distribution, 

provided however that no pre-existing liabilities incurred by Silver Edge, Mackle, 

or the Silver Edge Funds shall be transferred to the IDC, and Mackle and Silver 

Edge shall remain responsible for all pre-existing liabilities of the Silver Edge 

Funds. 

ii. The Distribution Plan shall provide for investors to receive, from 

the monies and assets available for distribution, their proportionate share of any 

gains and losses, as well as the investors’ interests in the portfolio of Pre-IPO 

Shares, whether through distributions after liquidity events or sales of the Pre-IPO 

Shares and distributions to investors, in accordance with the methodology set 



 6 

forth in the Funds’ respective Private Placement Memoranda and Operating 

Agreement.    

iii. The Distribution Plan shall provide for completion of the 

distribution of all assets and conclusion of the Distribution Plan within ten years 

of approval of the Distribution Plan by the Commission staff.  The Distribution 

Plan shall provide for the orderly sale and distribution of any remaining interest in 

Pre-IPO Shares if the Funds’ interests in those shares have not experienced a 

liquidity event at the end of ten years from the staff’s approval of the Distribution 

Plan.   

d. Respondents shall require that the IDC, for the period of the engagement 

and for a period of two years from completion of the engagement, shall not enter into any 

employment, consultant, attorney-client, auditing or other professional relationship with 

Respondents, or any of its present or former affiliates, directors, officers, employees, or 

agents acting in their capacity as such. Respondents shall require that any firm with 

which the IDC is affiliated in performance of his or her duties under the Order shall not, 

without prior written consent of the staff of the Commission, enter into any employment, 

consultant, attorney-client, auditing or other professional relationship with Respondents, 

or any of their present or former affiliates, directors, officers, employees, or agents acting 

in their capacity as such for the period of the engagement and for a period of two years 

after the engagement. 

e. Respondents shall not, for the period of engagement and for a period of 

two years from completion of the engagement, (i) retain the IDC for any other 

professional services outside of the services described in this Order; (ii) enter into any 

other professional relationship with the IDC, including any employment, consultant, 

attorney-client, auditing or other professional relationship; or (iii) enter, without prior 

written consent of the Commission staff, into any such professional relationship with any 

of the IDC’s present or former affiliates, employers, directors, officers, employees, or 

agents acting in their capacity as such. 

f. Respondents (i) shall not have the authority to terminate the IDC, without 

the prior written approval of the staff of the Commission; and (ii) shall not be in and shall 

not have an attorney-client relationship with the IDC and shall not seek to invoke the 

attorney-client or any other doctrine or privilege to prevent the IDC from transmitting 

any information, reports, or documents to the Commission. 

15. Proof of IDC Engagement. Respondents shall provide to the Commission staff, 

prior to the retention of the IDC, two proposed candidates to serve as IDC and a draft of an 

engagement letter detailing the IDC’s responsibilities, which shall include the responsibilities 

and tasks set forth herein.  Once the Commission staff has identified one or more candidates not 

unacceptable to the Staff, Silver Edge shall retain one of the IDCs and, within 15 days of 

retaining the IDC, provide to the Commission staff an executed copy of the engagement letter 

demonstrating the IDC’s engagement by Silver Edge.  Once appointed, the IDC shall establish a 

trust and/or escrow arrangement not unacceptable to the Commission staff in which to hold the 



 7 

assets of the Silver Edge Funds, including the members’ interests in the portfolio of Pre-IPO 

Shares. 

16. Distribution Plan. Respondents shall require that the IDC submit a proposed 

Distribution Plan to Respondents and the staff of the Commission no more than 90 days after the 

date of entry of the Order.  The Distribution Plan may be in any form not unacceptable to the 

IDC and Commission staff, including a Delaware Statutory Trust Agreement to the extent 

practicable.   

a. The proposed Distribution Plan will include provisions for the ultimate 

liquidation of the portfolio of pre-IPO shares, whether through distributions after liquidity 

events or sales of the pre-IPO shares and distributions of the proceeds to investors.  

b. The Distribution Plan shall provide that in no event will any portion of the 

funds or assets revert to or otherwise be distributed to or for the benefit of any 

Respondent, including any carried interest earned in connection with any liquidity event.  

In the event that carried interest is earned in connection with any liquidity event, such 

carried interest shall be distributed to the IDC and may be used to pay any outstanding 

amounts due and owed to the IDC at the time such carried interest is distributed, or 

coming due after the time when such carried interest is distributed.  To the extent such 

carried interest is used to pay the IDC for amounts due or owed, it shall serve to offset 

any amounts owed by the Respondents for the IDC’s services.  In the event there are 

additional amounts of carried interest in excess of the reasonable fees or expenses due 

and owed to the IDC in connection with its services, such amounts shall be distributed to 

the United States Treasury as additional disgorgement at the conclusion of the IDC 

services. 

17. Approval of Plan. The Distribution Plan developed by the IDC shall be binding 

unless, within 90 days after receipt of the proposed Distribution Plan, the staff of the 

Commission advises the IDC, in writing, of any determination or calculation from the 

Distribution Plan that it considers to be inappropriate and states in writing the reasons for 

considering such determination or calculation inappropriate. 

18.  Objection Procedure. With respect to any determination or calculation with which 

the staff of the Commission does not agree, the staff will work in good faith with the IDC to 

reach an agreement within 60 days of the date of the written objection. In the event that the staff 

of the Commission and the IDC are unable to agree on an alternative determination or 

calculation, the determinations and calculations of the Commission staff shall be binding. 

19. Execution of Plan. Respondents shall require that the IDC take all necessary and 

appropriate steps to administer the final Distribution Plan for distribution of the portfolio of pre-

IPO shares, whether through distributions after liquidity events or sales of the pre-IPO shares and 

distributions to investors, in accordance with the final Distribution Plan.  To the extent required 

by the Distribution Plan, Respondents shall cooperate with the IDC by, among other things, 

transferring, executing and entering into any agreements transferring membership interests or 



 8 

rights in the underlying pre-IPO shares, as well as any other steps reasonably required by the 

IDC for fulfillment of the Distribution Plan.   

20. Final Accounting. Within 150 days after the IDC completes the distribution of 

amounts payable to the affected investors under the Distribution Plan, the IDC shall return all 

undisbursed funds to the Commission pursuant to the instructions set forth in this Subsection III.  

The IDC shall then submit to the Commission staff a final accounting and certification of the 

disposition of the Funds’ assets, including membership interests and rights to the underlying 

rights to pre-IPO shares.  The final accounting shall be in a format to be provided by the 

Commission staff.  The final accounting and certification shall include: (1) the number and value 

of any shares distributed following any liquidity events; (2) the amount paid to each affected 

investor, with reasonable interest and post-order interest if applicable; (3) the date of each 

distribution of shares of payment; (4) the check number or other identifier of money transferred 

to each affected investor; (5) the amount of any returned payment and the date received; (6) a 

description of any effort to locate an affected investor whose payment was returned or to whom 

payment was not made for any reason; (7) the total amount, if any, to be forwarded to the 

Commission for transfer to the United States Treasury; and (8) an affirmation that the IDC has 

made all distributions and payments to affected investors in accordance with the Distribution 

Plan approved by the Commission staff.  The IDC shall submit the final accounting and 

certification, together with proof and supporting documentation of such payment in a form 

acceptable to Commission staff, under a cover letter that identifies Silver Edge Financial, LLC as 

the Respondent in these proceedings and the file number of these proceedings to Assistant 

Director David Becker, 100 F Street NE, Washington, DC 20549, or such other address as the 

Commission staff may provide.  The IDC shall provide any and all supporting documentation for 

the accounting and certification to the Commission staff upon request, and the IDC shall 

cooperate with any additional requests by the Commission staff in connection with the 

accounting and certification. 

21. Procedural Deadlines. The Commission staff may extend any of the procedural 

dates set forth in Paragraphs 14 through 20 of this Subsection III for good cause shown and 

solely at the discretion of the Commission staff. Deadlines for all dates shall be counted in 

calendar days, except if the last day falls on a weekend or federal holiday, the next business day 

shall be considered the last day. 

22. Certification. No later than twenty-four months after the date of entry of the 

Order, each Respondent shall make an interim certification to the Commission in writing that the 

Respondents have fully adopted and complied in all material respects with the undertakings set 

forth in this section that were required by that time period and with the recommendations of the 

IDC or, in the event of material non-adoption or non-compliance, shall describe such material 

non-adoption and non-compliance.  At the completion of the IDC’s services, each Respondent 

shall make a final certification to the Commission in writing that Respondents have fully adopted 

and complied with the undertakings set forth in this section and with the recommendations of the 

IDC or, in the event of material non-compliance, shall describe such non-compliance to the 

Commission in writing.   



 9 

23. Recordkeeping. Respondents shall preserve for a period not less than six years 

from the end of the fiscal year last used, the first two years in an easily accessible place, any 

record of Respondents' compliance with the undertakings set forth in this Subection III.  

 

IV. 

 In view of the foregoing, the Commission deems it appropriate and in the public interest 

to impose the sanctions agreed to in Respondents’ Offer. 

 

 Accordingly, pursuant to Sections 15(b) and 21C of the Exchange Act and, as to Mackle 

only, Section 203(f) of the Advisers Act, it is hereby ORDERED that: 

 

 A. Respondents cease and desist from committing or causing any violations and any 

future violations Section 15(a) of the Exchange Act. 

 

B. Respondents be, and hereby are: 

 

barred from association with any broker, dealer, investment adviser, 

municipal securities dealer, municipal advisor, transfer agent, or nationally 

recognized statistical rating organization with the right to apply for reentry 

after five (5) years to the appropriate self-regulatory organization, or if there 

is none, to the Commission; and 

 

barred from participating in any offering of a penny stock, including: 

acting as a promoter, finder, consultant, agent or other person who 

engages in activities with a broker, dealer or issuer for purposes of the 

issuance or trading in any penny stock, or inducing or attempting to induce 

the purchase or sale of any penny stock with the right to apply for reentry 

after five (5) years to the appropriate self-regulatory organization, or if there 

is none, to the Commission. 

 

 C. Any reapplication for association by the Respondents will be subject to the 

applicable laws and regulations governing the reentry process, and reentry may be conditioned 

upon a number of factors, including, but not limited to, compliance with the Commission’s order 

and payment of any or all of the following:  (a) any disgorgement or civil penalties ordered by a 

Court against the Respondents in any action brought by the Commission; (b) any disgorgement 

amounts ordered against the Respondents for which the Commission waived payment; (c) any 

arbitration award related to the conduct that served as the basis for the Commission order; (d) 

any self-regulatory organization arbitration award to a customer, whether or not related to the 

conduct that served as the basis for the Commission order; and (e) any restitution order by a self-

regulatory organization, whether or not related to the conduct that served as the basis for the 

Commission order. 

 

D. Respondents shall pay disgorgement of $2,251,139.92, prejudgment interest of 

$268,928.33 and civil penalties of $975,000, jointly and severally, to the Securities and 



 10 

Exchange Commission or transfer to the general fund of the United States Treasury, subject to 

Exchange Act Section 21F(g)(3).  If timely payment is not made, interest shall accrue pursuant to 

31 U.S.C. § 3717 and Commission Rule of Practice 600. 

 

Payment must be made in one of the following ways:   

 

(1) Respondents may transmit payment electronically to the Commission, 

which will provide detailed ACH transfer/Fedwire instructions upon 

request;  

 

(2) Respondents may make direct payment from a bank account via Pay.gov 

through the SEC website at http://www.sec.gov/about/offices/ofm.htm; or  

 

(3) Respondents may pay by certified check, bank cashier’s check, or United 

States postal money order, made payable to the Securities and Exchange 

Commission and hand-delivered or mailed to:  

 

Enterprise Services Center 

Accounts Receivable Branch 

HQ Bldg., Room 181, AMZ-341 

6500 South MacArthur Boulevard 

Oklahoma City, OK 73169 

 

Payments by check or money order must be accompanied by a cover letter identifying the 

Respondent and as a Respondent in these proceedings, and the file number of these proceedings; 

a copy of the cover letter and check or money order must be sent to David Becker, Division of 

Enforcement, Securities and Exchange Commission, 100 F St., NE, Washington, DC 20549-

0213.   

 

 E. Amounts ordered to be paid as civil money penalties pursuant to this Order shall 

be treated as penalties paid to the government for all purposes, including all tax purposes.  To 

preserve the deterrent effect of the civil penalty, Respondent agrees that in any Related Investor 

Action, Respondents shall not argue that they are entitled to, nor shall they benefit by, offset or 

reduction of any award of compensatory damages by the amount of any part of Respondent’s 

payment of a civil penalty in this action (“Penalty Offset”).  If the court in any Related Investor 

Action grants such a Penalty Offset, Respondents agree that they shall, within 30 days after entry 

of a final order granting the Penalty Offset, notify the Commission’s counsel in this action and 

pay the amount of the Penalty Offset to the Securities and Exchange Commission.  Such a 

payment shall not be deemed an additional civil penalty and shall not be deemed to change the 

amount of the civil penalty imposed in this proceeding.  For purposes of this paragraph, a 

“Related Investor Action” means a private damages action brought against Respondents by or on 

behalf of one or more investors based on substantially the same facts as alleged in the Order 

instituted by the Commission in this proceeding. 

 

http://www.sec.gov/about/offices/ofm.htm


 11 

 F. Respondents shall comply with the undertakings enumerated in Paragraph 14-23, 

above. 

 

It is further Ordered that, solely for purposes of exceptions to discharge set forth in 

Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the findings in this Order are true and 

admitted by Mackle, and further, any debt for disgorgement, prejudgment interest, civil penalty 

or other amounts due by Mackle under this Order or any other judgment, order, consent order, 

decree or settlement agreement entered in connection with this proceeding, is a debt for the 

violation by Mackle of the federal securities laws or any regulation or order issued under such 

laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19). 

 

 

 By the Commission. 

 

 

 

Vanessa A. Countryman 

       Secretary