SEC Charges Rental Scooter Company in Multi-Million Dollar Securities Fraud Case in Florida
On July 3rd, 2025, the Securities and Exchange Commission (SEC) announced civil securities fraud charges against a rental scooter company. In the United States District Court for the Southern District of Florida, the agency filed a complaint against Cheetah X Inc. (Go X) and its principals, Alexander Debelov and Khodr Salam. According to the SEC, more than $4 million was raised from hundreds of different investors on fraudulent grounds. Here, our Miami investment fraud attorney explains the most important things that you should know about this case.
SEC Complaint: Cheetah X Inc. (d/b/a Go X), Alexander Debelov, and Khodr Salam
Go X (officially known as Cheetah X Inc.) is a rental scooter company that operates in select communities in Florida, Hawaii, and Nevada. The SEC alleges that the company raised approximately $4 million from around 300 investors between July of 2021 and September of 2023. The funds were raised through unregistered securities offerings. Notably, the SEC contends that Alexander Debelov and Khodr Salam, the CEO and President of Go X respectively, made false and materially misleading representations to actual and prospective investors.
More specifically, the SEC argues that the defendants promised investors profit‑sharing payments that could yield up to 100 percent in a year and guaranteed refunds upon request. They stated that investor funds would only be lost if Go X became outright insolvent. However, by late 2023, the SEC contends that Go X had paid only about $1.45 million back. That is less than half the principal collected from investors. Further, the company reportedly failed to honor refund requests. Indeed, the SEC complaint states that funds were effectively shuffled around, with new investor money being used to repay the original investors in a “Ponzi-like” manner.
SEC is Seeking All Appropriate Remedies
The SEC alleges the conduct by Go X, its CEO, and its president violated federal law, including Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) and Rule 10b‑5 of the Exchange Act. The federal agency is seeking all appropriate remedies. Among other things, the complaint seeks injunctive relief, disgorgement, and the payment of civil financial penalties.
Unregistered Securities are Risky for Investors
Securities registration requirements exist, in large part, to help protect investors. Unregistered securities are notoriously risky. They lack the more comprehensive regulatory oversight that can help to protect investors against fraud and misrepresentation. When a company fails to register its securities with the SEC, investors often receive limited information about the business, its finances, and potential risks. Without proper disclosures, it is difficult to evaluate whether the investment is legitimate or viable. Unregistered offerings also tend to attract promoters who promise high returns but may misuse investor funds. If something goes wrong, investors may be exposed.
Consult With Our Miami, FL Securities Fraud Attorney Today
At Carlson & Associates, P.A., our Miami securities fraud attorney is a knowledgeable, results-first advocate for investors. If you sustained bad investment losses due to securities fraud, we can help. Contact us today for your free, no obligation initial consultation. From our Miami office, our team fights for justice for investors throughout the region.
Source:
sec.gov/enforcement-litigation/litigation-releases/lr-26341
