An AI startup deceived investors out of tens of millions of dollars.

As reported by SFGate, On Platform founder Alex Beckman and his lawyer Valerie Lau, whom he recently married, appeared in a San Francisco court facing charges of "conspiracy to commit fraud using electronic means, banking transactions, and securities, as well as serious theft of personal data and obstruction of justice."

This accusation of technical fraud highlights the extent of the hype surrounding AI, leading investors to become victims of fraud themselves.

ON Platform was marketed as "the leading corporate artificial intelligence platform trusted by top global brands in retail, sports, media, and entertainment." However, in reality, On Platform had long since laid off all its employees and repeatedly provided investors with fake financial reports.