Alexander Charles Beckman, founder and former CEO of GameOn Inc., along with his wife Valerie Lau Beckman, were arrested Thursday morning on charges related to years-long fraud schemes. The 25-count federal indictment accused the couple of conspiracy, wire fraud, securities fraud, and identity theft, unsealing earlier this week. They allegedly defrauded investors between September 2018 and July 2024 by using $4 million of investor funds for personal expenses, including buying San Francisco properties and paying for their wedding venue in October 2023.
The couple used fake financial statements to deceive investors, describing non-existent revenue streams and exaggerated business relationships. They also employed at least seven fake identities, including fake emails and signatures, to distribute false information about GameOn’s finances without the clients’ knowledge. In June 2024, Lau allegedly provided a fake account statement to a bank employee, misleading them into believing the company had a $13 million balance while it only had $25.93.
Beckman and Lau appeared in court Thursday morning for their first appearance. If convicted, Beckman could face up to 20 years in prison for each count of wire fraud and securities fraud, as well as other charges. Lau could face an additional 20 years in prison for obstruction of justice if convicted.
Source: https://www.kron4.com/news/bay-area/founder-of-san-francisco-ai-chatbot-company-indicted-for-fraud