SAN FRANCISCO, CA – Former GameOn CEO Alexander Beckman, 41, and his wife, Valerie Lau Beckman, 38, are facing serious charges in a “wide-ranging and brazen” $60 million fraud scheme. The couple was indicted in federal court today with 25 counts, including wire fraud, securities fraud, and conspiracy, accused of defrauding investors, banks, and even sports teams.
The Beckmans allegedly used Alexander’s position as CEO of GameOn, now rebranded as On, to mislead investors, inflate company revenues, and fabricate customer relationships. According to the indictment, Alexander and Valerie used false financial information, fake bank statements, and forged audit reports to secure millions in investments. Over the course of the scheme, spanning from 2018 to 2024, GameOn raised over $60 million, claiming to have partnerships with major sports organizations and prestigious brands.
Despite claiming ties with iconic sports teams like the New York Yankees, Las Vegas Raiders, and Philadelphia 76ers, prosecutors say the Beckmans fabricated revenue, exaggerated client connections, and inflated cash balances to deceive investors. One key piece of fraudulent activity cited by the indictment was a falsified bank statement listing GameOn’s balance at over $13 million when, in reality, it was just $25.93.
The company’s chatbot software, promoted as an advanced artificial intelligence product, was a key part of the pitch. GameOn’s AI technology was marketed as a tool to engage sports fans and other audiences, but the indictment claims that much of what the company portrayed as successful operations were simply inflated claims.
In addition to defrauding investors, the Beckmans allegedly spent over $4 million of GameOn’s funds on personal expenses, including luxury homes in San Francisco, private school fees, and even their own wedding. The couple was arrested this morning and made their initial court appearances in San Francisco.
The indictment also details how the Beckmans engaged in identity theft, using fake names, email addresses, and signatures of real people—including GameOn employees and bank representatives—without their knowledge to further the scheme.
Valerie Beckman, who worked as an attorney for GameOn, is also facing charges for obstructing justice. She is accused of lying to her employer and attempting to delete files related to GameOn’s fraudulent activities when the investigation into the company was underway.
If convicted, the Beckmans face severe penalties, including up to 20 years in prison for wire fraud, up to 10 years for monetary transactions derived from unlawful activities, and up to 2 years for each charge of aggravated identity theft. Valerie also faces an additional 20 years for obstruction of justice.
The case underscores the importance of integrity in financial markets and serves as a reminder of the legal consequences for those who engage in fraudulent activities. As the investigation continues, the U.S. Attorney’s Office and the FBI remain committed to holding fraudsters accountable and protecting investors.