SEC v. Cheetah X Inc. (d/b/a Go X), Alexander Debelov, Khodr Salam — U.S. Securities and Exchange Commission Litigation Release No. 26341, dated July 3, 2025.
The SEC charged Cheetah X Inc. (d/b/a Go X), its CEO Alexander Debelov, and President of Operations Khodr Salam with defrauding approximately 300 investors out of $4 million. The defendants allegedly made false claims about past performance, expected returns, and guaranteed refunds for investments in their scooter rental business. By the end of 2023, investors had received less than half of their principal back, and refunds were not honored.
In Plain English
Imagine you invested money in a company that rents out scooters. The company's leaders told people they would get their money back plus a big profit, and that refunds were guaranteed. However, the company was losing money, and when investors asked for their money back, they didn't get it. The company ended up paying back less than half of the money it took from investors.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- Promising High Returns From July 2021 through November 2023, Cheetah X Inc. (d/b/a Go X), led by CEO Alexander Debelov and President of Operations Khodr Salam, solicited investments. They promised investors they could expect to be paid back their principal plus receive returns up to 100 percent in a year or less.
- Claiming Low Risk The defendants also represented Go X as less risky than investing in the S&P 500. They touted 'guaranteed' investor refunds upon request and claimed investor funds could only be lost if Go X went out of business.
- Raising Funds Through these representations, Go X, Debelov, and Salam raised approximately $4 million from about 300 investors across multiple states. Individual investments typically ranged from $2,000 to $30,000.
- Misleading Performance Claims The Go X website falsely claimed that investors had earned more than $3 million by August 2022, a representation contradicted by the company's actual financial performance.
- Failing to Repay Principal By the end of 2023, Go X had paid investors only about $1.45 million, which is less than half of the approximately $4 million in principal raised, directly violating promises of principal repayment.
- Ignoring Refund Guarantees Despite the "guaranteed" refunds advertised, Go X failed to pay refunds when investors requested them, leaving investors unable to recover their funds as promised.
- Operating Unprofitably The complaint alleges that Go X operated a sharply unprofitable business, putting unwitting investors at substantial risk and contradicting the low-risk profile presented during sales.
- Continuing Sales Despite Complaints Even after receiving multiple complaints from dissatisfied investors due to the poor performance and unfulfilled refunds, Debelov and Salam continued to sell the investment using the same misleading sales pitch.
The Enforcement Action
SEC charges Cheetah X Inc. (d/b/a Go X), CEO Alexander Debelov, and President of Operations Khodr Salam with fraud for raising $4 million from 300 investors through unfounded claims about past performance, expected returns, and guaranteed refunds. The SEC's complaint alleges that Go X paid investors less than half of their principal and failed to honor refund requests. The SEC seeks permanent injunctions, civil money penalties, and disgorgement of ill-gotten gains with prejudgment interest against all defendants.
Named in this action: Cheetah X Inc. (d/b/a Go X), Alexander Debelov, Khodr Salam.