A federal grand jury indicted Sioux Falls crypto investor Benjamin Paul Wiener, 43, on 29 counts tied to an alleged fraud scheme that prosecutors estimate price victims roughly $20 million.
The costs embrace wire fraud, cash laundering, financial institution fraud, and aggravated id theft. Wiener pleaded not responsible on July 10 and was launched on bond forward of a September trial.
This Crypto Investor Allegedly Turned Dozens Into Fraud Victims
Based on the indictment, Wiener solicited each cash and digital forex from buyers by way of his corporations. He allegedly made false statements and fraudulent representations.
Dozens of victims throughout South Dakota and Minnesota had been affected, prosecutors mentioned. After accumulating funds, Wiener allegedly moved the cash to cover its supply and possession.
Prosecutors describe a construction widespread to Ponzi circumstances. When funds ran low or an investor sought a refund, Wiener allegedly recruited new buyers. He then used that contemporary cash to repay earlier backers and canopy private bills.
The laundering allegedly ran by way of each banks and cryptocurrency exchanges. This combined circulate of fiat and crypto helped conceal the exercise, in line with the federal government.
“Because of Wiener’s conduct, the federal government alleges the estimated whole loss is roughly $20 million,” the press launch reads.
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Entities and Financial institution Fraud
Wiener allegedly operated the scheme by way of eight entities. Most carried the “Benaiah” title, together with Benaiah Capital LLC and Benaiah Digital LP. The checklist additionally included Aslan Administration LLC and Runway Four10.
Individually, prosecutors allege Wiener defrauded a Sioux Falls financial institution. In April 2025, he secured a $1 million credit score line by falsifying paperwork, in line with the indictment. He allegedly used one other individual’s figuring out data with out permission to take action.
The costs stay accusations, and Wiener is presumed harmless until confirmed responsible. His trial is about for September 15, 2026.
The case joins a rising checklist of federal prosecutions concentrating on operators who allegedly defrauded buyers and used crypto to maneuver the proceeds. The Justice Division charged 265 fraud defendants in 2025, with supposed losses topping $16 billion.
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