A federal grand jury in the United States has indicted Benjamin Paul Wiener, a 43-year-old crypto investor from Sioux Falls, South Dakota, on 29 counts including wire fraud, money laundering, bank fraud, and aggravated identity theft, according to BlockBeats. Prosecutors allege the case involved about $20 million and affected dozens of investors across South Dakota and Minnesota.
The indictment says Wiener used eight entities under his control to lure investors with false statements, collecting both cash and crypto assets. Prosecutors said he then moved the funds through banks and cryptocurrency exchanges to conceal their source and used some of the money for personal spending. They also allege that when investors sought redemptions or new money dried up, he recruited additional investors and used new funds to pay earlier ones.
Separately, prosecutors accuse Wiener of obtaining a $1 million line of credit from a bank in April 2025 by using falsified documents, fabricated communications records, and stolen identity information. Wiener has pleaded not guilty to all charges and has been released pending trial. The case is scheduled to go to court on September 15.
A U.S. federal grand jury has indicted Benjamin Paul Wiener, a 43-year-old crypto investor from Sioux Falls, South Dakota, on 29 criminal counts, according to BlockBeats on July 18. The charges include wire fraud, money laundering, bank fraud, and aggravated identity theft. Prosecutors said the alleged scheme involved about $20 million and affected dozens of investors in South Dakota and Minnesota.
Prosecutors allege that Wiener used eight entities he controlled to persuade investors to put in funds and crypto assets through false representations. They said he then moved the funds through banks and cryptocurrency exchanges to disguise their origin and used the money for personal spending. According to the prosecution, when investors asked to redeem their money or new capital dried up, he brought in new investors and used fresh funds to pay earlier ones, forming what authorities describe as a Ponzi scheme.
Prosecutors also accused Wiener of fraudulently obtaining a $1 million line of credit from a bank in April 2025 by using forged documents, fabricated communications records, and another person’s identity information.
Wiener has pleaded not guilty to all charges and has been released pending trial. The case is set for September 15.
Under U.S. law, wire fraud and money laundering each carry a maximum sentence of 20 years in prison. Bank fraud carries a maximum sentence of 30 years, while aggravated identity theft carries a mandatory term of at least two years to be served consecutively.
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