San Francisco Tech Founder, Attorney Wife Charged in Major Fraud Scheme

In a stunning turn of events, San Francisco tech founder Alex Beckman and his wife, Valerie Lau, face charges for allegedly defrauding investors of over $60 million.

Key Takeaways

A 25-count indictment accuses Beckman and Lau of conspiracy, wire fraud, and more offenses.
$4 million of investor funds were allegedly spent on personal luxuries.
Court appearances have been made, with significant prison time looming if convicted.
The FBI and the U.S. Attorney’s Office are rigorously investigating and prosecuting the case.
The couple allegedly fabricated financial documents and assumed false identities to defraud investors.

Indictment and Allegations

A 25-count indictment was recently unsealed in San Francisco against Alex Beckman and Valerie Lau for conspiracy, wire fraud, securities fraud, and aggravated identity theft Beckman, the former CEO of ON Platform, and Lau, his attorney, allegedly misled investors through elaborate schemes involving fabricated financial documents

Reports indicate the couple used false auditing reports and bank statements to dupe investors. A staggering sum of over $60 million was reportedly misappropriated from GameOn investors, an entity formerly known as ON Platform.

San Francisco tech founder and wife arrested for allegedly defrauding investors out of millions https://t.co/pYceBKue7F

— Los Angeles Times (@latimes) January 28, 2025

Lavish Personal Expenditures

Authorities allege Beckman and Lau diverted more than $4 million towards personal expenses, including real estate purchases and private school fees. The fraudulent activities reportedly spanned from September 2018 to July 2024, leaving many investors in the lurch.

Beckman purportedly assumed the identities of multiple people to facilitate the fraud, supported by falsified documents. The couple also allegedly impersonated business associates to solidify their financial fabrications.

Legal Proceedings and Investigation

Both Beckman and Lau were apprehended and presented in court, with Assistant U.S. Attorney Patrick O’Brien spearheading the prosecution. This case represents efforts by the U.S. Attorney’s Office and FBI to crack down on corporate and securities fraud, underscoring the accountability these fraudulent activities require.

If found guilty, the couple faces formidable sentences, including up to three decades for bank fraud conspiracy. The gravity of the situation serves as a warning, as the authorities call upon the public to remain vigilant and report any suspicious or fraudulent activities to relevant agencies.