A federal indictment has been unsealed against Alexander Charles Beckman, founder and former CEO of GameOn, Inc., and Valerie Lau Beckman, an attorney and Beckman's spouse. They face charges including conspiracy, wire fraud, securities fraud, identity theft, and obstruction of justice.
The indictment alleges that Beckman and Lau conspired to defraud investors of GameOn—a San Francisco-based company offering chatbot technology—from September 2018 to July 2024. Over this period, Beckman reportedly raised over $60 million from investors. The couple allegedly used more than $4 million of these funds for personal expenses such as real estate purchases in San Francisco and private school fees.
"The Bay Area is home to incredible innovation and hard-working entrepreneurs, but innovation cannot grow through fraud," stated First Assistant United States Attorney Patrick D. Robbins. "This indictment should serve as a reminder that we will investigate and hold fraudsters accountable."
FBI Acting Special Agent in Charge Dan Costin emphasized the importance of integrity in financial markets: "Fraud undermines the integrity of our capital markets and erodes the trust that investors place in them."
The indictment claims Beckman misled investors with false revenue figures, inflated cash balances, and fabricated customer relationships. He allegedly used names without permission to create fake documents for defrauding purposes.
Lau is accused of aiding the scheme by providing genuine audit reports from her employer which were then altered by Beckman for fraudulent use. She also allegedly delivered a falsified account statement to a bank branch knowing it was inaccurate.
In August 2024, Lau reportedly attempted to delete files related to GameOn from her employer's records during a grand jury investigation.
Beckman and Lau were arrested and appeared in federal court today. If convicted, they face severe penalties including up to 30 years in prison for certain charges.
Assistant U.S. Attorney Patrick O’Brien is prosecuting the case with assistance from Lance Libatique and Maryam Beros following an FBI investigation.
Anyone with information about corporate or securities fraud can report it to the FBI or the U.S. Attorney’s Office for the Northern District of California.