Alex Beckman, founder of the AI startup On Platform, was arrested alongside his wife for allegedly defrauding investors out of over $60 million. Prosecutors claim they spent the funds on luxury items such as real estate, jewelry, and even their wedding social club. Beckman misled investors about having substantial funds, only to reveal a meager account balance of $25.93. The company had already laid off staff after discovering $11 million missing. These allegations serve as a stark reminder of the risks associated with tech investments amid the AI hype.
We discovered that, in reality, the account balance in that bank was only 37 cents. This discovery left the company in a liquidity crisis.
The pair defrauded investors out of more than $60 million, highlighting the ludicrous degree of buzz surrounding AI and potential for investor scams.
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