A San Francisco couple, Alexander and Valerie Beckman, were arrested and indicted on 25 federal counts of fraud and other crimes related to their AI startup, GameOn. Prosecutors allege they raised $60 million from investors through fraudulent means, using the funds for personal expenses and fabricating financial documents to mislead investors.
A San Francisco couple was arrested after being indicted on 25 federal counts of fraud and other crimes relating to their AI startup GameOn.A San Francisco couple was arrested Thursday after being indicted on 25 federal counts of fraud and other crimes relating to their artificial intelligence company, the U.S. Department of Justice said.
The Beckmans are accused of raising $60 million from investors over six years, $4 million of which they allegedly used for personal expenses such as homes in San Francisco, payments to private schools and money for their wedding. Alexander allegedly used the names of at least seven real people -- including fake emails and signatures -- without their permission to distribute false and fraudulent GameOn financial and business information and documents with the intent to defraud GameOn and its investors, prosecutors said.Names allegedly used to commit the fraud included a GameOn chief financial officer, two bank employees, and an employee of a major professional sports league.
AI Fraud Startup Securities Fraud Identity Theft
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