The founder of a San Francisco-based AI startup called On Platform was arrested last week after prosecutors charged that he and his wife had blown millions of dollars worth of investor funds on real estate, jewelry, a Tesla, and even the social club that hosted their wedding. Prosecutors allege that the pair defrauded investors out of more than $60 million, as SFGate reports. Founder Alex Beckman and his lawyer Valerie Lau, who he recently married, appeared in San Francisco court last week after being charged with “conspiracies to commit wire, bank and securities fraud, as well as aggravated identity theft and obstruction of justice,” per SFGate. It’s a particularly outlandish allegation of tech fraud, highlighting the ludicrous degree of buzz surrounding AI — and the potential for greedy investors to get scammed as a result. Beckman allegedly lied to investors about having $13 million in the bank — despite only showing an actual account balance of $25.93. Bank statements also showed that Beckman wired a family member $320,000. On its website, ON Platform describes itself as an “industry-leading enterprise-grade conversational AI platform, trusted by the world’s leading brands in retail, sports, and media & entertainment.” But judging by the allegations, investors are unlikely to ever see their money again. The alarm bells were already ringing by July, when GamesBeat reported that ON, formerly known as GameOn Technology, had laid off all of its 50 staff members after discovering that $11 million in cash was missing. At the time, Beckman resigned,…Man Arrested for Raising $60 Million for AI Startup, Instead Spending It on Luxurious Lifestyle