AI Startup Founders Charged with $60M Fraud to Fund Lavish Lifestyle

Former GameOn CEO Alex Beckman and his wife Valerie Lau Beckman face multiple charges for allegedly defrauding investors, falsifying financial documents, and misusing company funds.

Alex Beckman, founder of AI chatbot company GameOn, and his wife Valerie Lau Beckman, an attorney, were indicted on 25 counts including wire fraud, securities fraud, and identity theft.
Prosecutors allege the couple misappropriated over $4 million of investor funds for personal expenses, including a luxury home, private school tuition, a Tesla, and their wedding venue.
The indictment claims Beckman and Lau fabricated financial documents, including fake bank statements and audit reports, to falsely portray GameOn as financially successful to investors.
Despite raising $60 million in investments, GameOn reportedly generated less than $1 million in annual revenue and failed to meet payroll obligations for employees at times.
The company, rebranded as On in 2023, ceased operations in July 2024 after its board discovered that a company account containing only 37 cents was supposed to hold $11 million.