The Better Business Bureau (BBB) has issued a warning about Lightning Shared Scooter Company LLC (LSSC), which the consumer protection group alleges is operating as a pyramid scheme.
LSSC has been given an “F” rating by the BBB due to its failure to respond to complaints and its lack of a required competency license from the U.S. Securities and Exchange Commission (SEC). The company has attracted attention after a surge in consumer complaints and reports to the BBB Scam Tracker in July.
Investors in LSSC were presented with what appeared to be an SEC certificate, but the document contained numerous typos, grammatical errors, and a fabricated certificate number. The company promotes itself as the “leading shared scooter company” and encourages investments in scooter leases with promises of daily returns.
Reports from the BBB Scam Tracker indicate that losses from the scheme range from $1,000 to $55,000, corresponding to the various investment levels offered by the company. Investors are recruited by friends and family members and are incentivized to bring in new members with the promise of bonuses based on the recruits’ investments.
Payments to LSSC were required to be made in cryptocurrency, which the BBB warns is a common tactic in fraudulent investment schemes. Scam reports related to LSSC have come from 17 states, with a significant number coming from California and Florida.
As a result, the Salinas, California Police Department has issued a warning to residents, and the Minnesota Attorney General’s Office has cautioned consumers about a fraudulent electric scooter investment opportunity.
The BBB advises consumers who are approached by the LSSC to file a report with the BBB Scam Tracker.
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