San Francisco tech founder and wife arrested for allegedly defrauding investors out of millions

San Francisco tech founder Alex Beckman and his wife, Valerie Lau, were arrested last week after prosecutors accused the couple of defrauding investors out of more than $60 million.

Beckman and Lau are accused of crimes including securities fraud, conspiracy to commit bank fraud, aggravated identity theft and obstruction of justice, according to a complaint filed last week in the San Francisco U.S. District Court. Lau worked as an attorney for Beckman’s startup, ON Platform, formerly known as GameOn, from at least 2016 to 2024.

Beckman’s company makes artificial intelligence software for customers, including retail brands and professional sports leagues.

The couple allegedly defrauded investors in ON Platform by faking bank records and impersonating business contacts, according to the complaint.

In one instance, when an investor wanted to see a bank statement, Lau allegedly planted a fake statement showing a $13-million account balance and placed it at the bank so that when Beckman and the investor arrived they would see the balance, prosecutors said. The account’s real balance was $25.93, after Beckman allegedly wired $320,000 to a relative.

Read more: Founder of company that created LAUSD chatbot charged with fraud

The alleged scheme took place between September 2018 and July 2024; the couple allegedly spent more than $4 million of investor funds on personal expenses, including paying for private schools, their wedding venue and for homes in San Francisco, according to a U.S. attorney’s office news release.

Beckman also allegedly used the names of at least seven people without their permission in order to distribute fraudulent financial information, prosecutors said.

“The Bay Area is home to incredible innovation and hard-working entrepreneurs, but innovation cannot grow through fraud. Schemes like the ones that defendants are charged with threaten our financial markets and cheat investors,” First Assistant U.S. Atty. Patrick D. Robbins said in a statement. “This indictment should serve as a reminder that we will investigate and hold fraudsters accountable.”

Representatives for Beckman and Lau didn’t immediately respond to a request for comment.

Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.

This story originally appeared in Los Angeles Times.