SEC Files Charges Against Former AI CEO, Wife

The Securities and Exchange Commission (SEC) has filed charges against the CEO of a startup artificial intelligence (AI) firm and his wife. The SEC alleges fraud involving fake audit reports and other financial documents.

A criminal indictment has simultaneously been revealed, charging the duo with conspiracy, wire fraud, securities fraud, identity theft, and other offenses.  Lau has also been charged with obstruction of justice.

The SEC has charged Alexander Beckman, former CEO of GameOn Inc., with defrauding investors out of more than $60 million aided by inflating the firm’s financial performance. The SEC has also charged his wife, Valerie Lau, an attorney.

Beckman resigned from the firm in 2024 after allegations of missing funds surfaced. According to reports, insufficient funds caused the firm to lay off employees. It was also reported that GameOn had raised over $35 million from investors.

The SEC alleges that Beckman told investors that GameOn (later named The ON platform) had generated tens of millions in revenue and was generating net income. The SEC claims that, in actuality, the company was never profitable and had only generated $500,000 in annual revenue.

The SEC’s complaint claims that Lau, the General Counsel of a VC firm, aided the deception scheme by helping Beckman create and disseminate a fake audit report with the logo and signature of a prominent accounting firm.

The SEC also claims that Lau allegedly emailed a counterfeit bank statement to a bank employee, ultimately handed to a GameOn Board member, in a ploy to deceive the Board member into believing the company had funds in its account when the balance was nearly $0.

The criminal indictment claims that Beckman and Lau allegedly used over $4 million of investor funds for personal expenses, including purchases of residences in San Francisco, payments to private schools, and payments to their wedding venue.

The SEC’s complaint seeks permanent injunctions, including conduct-based injunctions, disgorgement plus prejudgment interest, civil penalties, and an officer-and-director bar.



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