Federal prosecutors have disclosed that a federal grand jury charged Sioux Falls, South Dakota, crypto investor Benjamin Paul Wiener with 29 criminal counts, including wire fraud, money laundering, bank fraud, and aggravated identity theft, in a case involving about $20 million.
The indictment says Wiener, 43, used false statements to induce investors to place money and digital assets into multiple companies under his control. The alleged victims were located across South Dakota and Minnesota and included dozens of investors.
Prosecutors say funds were moved through banks and crypto exchanges
According to prosecutors, after receiving the money, Wiener transferred assets through banks and cryptocurrency exchanges to conceal the source, ownership, and control of the funds, and used part of the money for personal expenses. Prosecutors said the conduct involved eight companies, including several LLCs.
They also allege that when funds became tight or investors asked for redemptions, Wiener continued to recruit new investors and used later money to repay earlier ones. Prosecutors said that operating pattern was consistent with an alleged Ponzi scheme.
Separate allegation involves forged records and a $1 million credit line
Wiener is also charged with forging documents and communication records in April 2025 and using another person’s identity information to obtain a $1 million line of credit from a financial institution in Sioux Falls.
He appeared in court on July 10 and pleaded not guilty to all charges. He was later released on bond. The case is expected to go to trial on Sept. 15.
Investigators and potential penalties
Under U.S. law, wire fraud and money laundering each carry a maximum sentence of 20 years in prison, while bank fraud carries a maximum sentence of 30 years. Aggravated identity theft also carries a mandatory sentence of at least two years to run consecutively.
The investigation is being handled jointly by IRS Criminal Investigation and the Federal Bureau of Investigation, according to The Block.