AI Startup -Guster allegedly used investors’ money on car, wedding

Federal prosecutors in San Francisco said Thursday That the founder of a Venture-supported AI-Chatstart allegedly spent over $ 4 million of investor funds to buy a home, finance private schools, buy luxury cars and even pay for his wedding place. The authorities called the founder’s fraud “brave and far -reaching”, in which he extremely exaggerated the company’s revenue and other financial per year. charge.

Alex Beckman, the founder and former CEO and his wife Valerie Lau Beckman, was indicted for wiring fraud, conspiracy to commit wire fraud, securities fraud, among other charges. Lau Beckman is a lawyer who worked as a lawyer for Industry Ventures, a starting fund, and worked closely with On, formerly known as Gameon Technology.

Since Beckman founded it in 2014, raised over $ 125 million in investments from venture capital companies B3 Capital and Quest Venture Partners, among several others together with several celebrities, including the retired NFL legend Joe Montana, and retired NBA star André Iguodala, According to the pitchbook. Prosecutors said “In most years Gameon’s annual revenue was significantly less than $ 500,000.”

Beckman, Lau Beckman and further as well as Wed’s investors did not immediately respond to comment requests.

On, which was appreciated for over $ 260 million, according to the pitchbook, claims to be A customer service-focused AI-based chat system that works with several sports teams including New York YankeesThe Sacramento Kingsand Oakland Roots, a football club. None of these teams responded to Forbes‘Request for comment.

In July 2024, Beckman withdrew as CEO after being pushed out of the board, which had discovered a detailed deception, Venture Beat reported. According to a letter sent to the shareholders At that time, a business account that should have had $ 11 million contained only $ 0.37.

Prosecutors also say that in June 2024, Lau delivered a counterfeit accounts to a bank alleged to show that the company had over $ 13 million in its account as it actually had only $ 25.93.

Hans Swilden’s CEO and founder of Industriens Ventures confirmed that Lau Beckman left the company on December 31, after four months of maternity leave. Swildens refused to comment further.

The couple was arrested on Thursday and performed in a courtroom in San Francisco.

“The bay area is home to incredible innovation and hard -working entrepreneurs, but innovation cannot grow through fraud,” Patrick D. Robbins, a federal prosecutor, said in a statement. “Schemes such as those accused are indicted for threatening our financial markets and cheating investors.”

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