AladdinBOT securities fraud D&R order from California

AladdinBOT has received a securities fraud desist and refrain order from California’s Department of Financial Protection and Innovation (DFPI).

DFPI’s August 20th, 2024 order
cites the following respondents:

AladdinBot Limited

the website domain “aladdinbot.ai”

the website domain “aladdinbot.io

the website domain “aladdinbot.net”

Mark Ian Davis and

Denise Skeels

As per the DFPI’s AladdinBOT fraud order;

Beginning at least as early as 2023, AladdinBot offered and sold securities in the form of investment contracts in California through general solicitations on its website. AladdinBot referred to these investment contracts as “Bots.”

AladdinBot facilitated investor deposits and withdrawals using crypto assets.

As part of its solicitation efforts, AladdinBot used a pyramid scheme structure that would reward investors for inducing others to send money to AladdinBot.

The Bots offered by AladdinBot were securities that were neither qualified nor exempt from the qualification requirement under the CSL.

The Department has not issued a permit or other form of qualification authorizing AladdinBot to sell these securities in California.

Pursuant to Corporations Code section 25532, AladdinBot Limited, Mark Ian Davis, and Denise Skeels are hereby ordered to desist and refrain from the further offer or sale of securities in California, including but not limited to investment contracts known as Bots, unless and until the qualification requirements of the CSL have been met.

DFPI also published an accompanying 
AladdinBOT fraud awareness video
 on its official YouTube channel.

AladdinBOT
was an MLM crypto Ponzi that launched in late 2023. The scam was fronted by Mark Ian Davis and Denise Skeels.

Both Davis (Australia) and Skeels (UK) are serial Ponzi scammers.

BehindMLM first came across Davis in 
AI Trade
 Ponzi marketing videos, circa 2018.

Davis worked in AI Trade with RV Palafox. The pair would go on to launch PGI Global in 2020.

PGI Global
 was an MLM an MLM crypto Ponzi scheme pitching 200% returns. It’s 
collapse
 in 2021 is believed to have resulted in millions of dollars in consumer losses.

In August a BehindMLM reader reached out via email to
report Davis had been arrested in Brisbane, Queensland
.

Accessing Australian criminal case details for active cases doesn’t appear to be possible.

Nonetheless, the Brisbane Courier has tagged Davis as first appearing before the Brisbane Magistrates Court on December 11th, 2023.

Throughout 2024 Davis made additional appearances before the court on March 4th, July 8th and September 9th.

Davis was conspicuously absent from social media between September 1st and 21st. This coincides with his September 9th court appearance.

Civil court records can be searched for the Brisbane Magistrates Court but nothing comes up for Davis. This does suggest Davis’ appearances relate to a criminal case.

That said, the nature of any criminal charges filed against Davis remain unclear.

Denise Skeels isn’t

🤖 Quick Answer

What is the AladdinBOT securities fraud order from California?

What were the main allegations against AladdinBOT?
AladdinBOT allegedly offered and sold unregistered securities called "Bots" through its websites since 2023, facilitated cryptocurrency transactions for investor deposits and withdrawals, and employed pyramid scheme tactics in solicitation activities.

Which entities and individuals were named in the DFPI order?
The order targeted AladdinBot Limited, three domain names (aladdinbot.ai, aladdinbot.io, aladdinbot.net), and two individuals identified as Mark Ian Davis and

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