A cryptocurrency investor from South Dakota, USA, faces 29 charges for allegedly orchestrating a $20 million fraud scheme
Odaily Planet Daily News: US prosecutors have disclosed that a federal grand jury has issued a 29-count criminal indictment against Benjamin Paul Wiener, a cryptocurrency investor from Sioux Falls, South Dakota. The charges include wire fraud, money laundering, bank fraud, and aggravated identity theft, involving approximately $20 million.
According to the indictment, Wiener, 43, is accused of using false statements to induce investors to contribute funds and digital assets to multiple companies under his control, with victims spanning South Dakota and Minnesota and involving dozens of investors. Prosecutors allege that after obtaining the funds, Wiener transferred assets through banks and cryptocurrency exchanges to conceal the source, ownership, and control of the funds, and used a portion for personal expenses.
Prosecutors further allege that when cash flow became tight or investors demanded redemptions, Wiener would recruit new investors and use their funds to repay earlier investors, a scheme that operated like a Ponzi scheme. It is reported that he used eight companies, including multiple LLCs, to carry out these activities.
Additionally, Wiener is accused of falsifying documents and communication records in April 2025, and using another person's identity information to fraudulently obtain a $1 million line of credit from a financial institution in Sioux Falls.
Currently, Wiener appeared in court on July 10 and pleaded not guilty to all charges. He was released after posting bail, and the trial is expected to begin on September 15. Under US law, wire fraud and money laundering carry a maximum sentence of 20 years in prison, bank fraud carries a maximum of 30 years, and aggravated identity theft carries a mandatory consecutive minimum sentence of two years. The IRS Criminal Investigation (IRS-CI) and the Federal Bureau of Investigation (FBI) are jointly investigating the case. (The Block)
