Overview

• 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.