ON Platform (formerly GameOn) – A $60M Fraud by Alexander Beckman & Valerie Lau
ON Platform (formerly GameOn) created AI chatbots designed for sports leagues and retail brands. CEO Alexander Beckman and his wife, attorney Valerie Lau, conspired from 2018 to 2024 to inflate revenue (reporting “tens of millions” versus actual under $ 500,000), falsify audit and bank statements, impersonate bank employees, and mislead investors. They raised over $ 60 M, spending at least $4.2M on personal luxuries, including real estate, private schools, and their wedding. The DOJ indicted them in January 2025 on 25 charges; both pleaded not guilty and, if convicted, face decades in prison.
Timeline of Key Events
| Date | Event |
|---|---|
| 2014–2018 | GameOn founded and later rebranded to ON Platform |
| Sept 2018–July 2024 | Inflated revenues, created fake documents, and raised over $60M from investors |
| Apr 2022 | Lau began contributing forged audit and bank statements |
| June 2024 | Beckman resigns; internal audit reveals only $0.37 in a supposedly $11M account |
| Jan 23–24, 2025 | Indictment for wire fraud, securities fraud, identity theft, and obstruction; arrested and pleaded not guilty |
Legal Proceedings
- Charges (25 total): Conspiracy, wire fraud, securities fraud, bank fraud, identity theft, obstruction of justice (Lau).
- Status: Arrested Jan 2025; pleaded not guilty; both face potential multi-decade sentences if convicted.
- Public indictments include recognition that a planted, fake $13 million bank statement deceived the investor and the board during a bank visit.
Impact & Lessons
- Extreme governance failure: A CEO-wife duo orchestrating elaborate falsification over the years without detection.
- Due diligence breakdown: Fake documents physically planted at banks underscore the need for independent verification.
- Investor exposure: $60M+ lost, reputational damage extends to AI/chatbot startups claiming marquee clients.
