An ostentatious Silicon Valley couple’s web of lies involving fake identities and pilfered funds totaling $60 million have landed them at the center of a scandalous federal fraud case. Alexander Beckman, former CEO of AI chatbot startup GameOn, and his wife Valerie Lau Beckman, were charged by federal prosecutors on Thursday with 25 counts, including fraud, identity theft, and obstruction of justice.

From 2018 to 2024, the couple allegedly orchestrated a $60 million scheme by falsifying financial records, inflating company revenues, duping investors, and exaggerating or fabricating partnerships with big name teams such as the Yankees, Chargers, and luxury brands Valentino and Armani.

While investors poured in millions, employees were reportedly often left unpaid, and the Beckmans allegedly funneled funds into a life of luxury—a $4.2 million home, private school tuition, a lavish wedding, as well as a Tesla.

In order to deceive investors and board members, Beckman allegedly fabricated documents and forged emails, as well as assumed fake identities, which include that of a GameOn CFO, two bank employees, and an employee of a major professional sports league. Lau, an attorney, allegedly helped create false financial records and obstructed the investigation by deleting files.

When the fraud began to unravel in 2024, Beckman allegedly fabricated stories to maintain investor confidence, including claiming to be a robbery victim after picking up cashiers checks. According to a July 2024 VentureBeat article (via The Mercury News), Beckman reportedly resigned from GameOn after the startup’s board discovered that a bank account purporting to contain $11 million only actually had a whopping balance of 37 cents.

The couple was granted bail at $1 million each, and their charges carry maximum penalties of 20–30 years in prison.

In a press release from the Department of Justice, federal authorities stress this case underscores their efforts to protect financial markets from fraud. According to FBI Acting Special Agent in Charge Dan Costin, “The FBI is committed to ensuring our financial markets remain fair and transparent by investigating and holding accountable those who engage in deceptive practices.

Image: Sam Wheeler/Wikipedia