South Dakota Crypto Investor Charged with 29 Counts Involving $20 Million

A federal grand jury in the United States has indicted 43-year-old crypto investor Benjamin Paul Wiener from Sioux Falls, South Dakota, on 29 counts including wire fraud, money laundering, bank fraud, and aggravated identity theft, involving approximately $20 million. The victims include dozens of investors from South Dakota and Minnesota. Prosecutors allege that Wiener, through eight entities he controlled, induced investors to invest funds and crypto assets through false statements, subsequently transferring the funds via banks and cryptocurrency exchanges for personal use. When investors requested to redeem their funds or when new funds ran out, Wiener recruited new investors to pay off the old ones, allegedly operating a Ponzi scheme. Additionally, Wiener is accused of fraudulently obtaining a $1,000,000 line of credit from a bank in April 2025 using forged documents, communication records, and stolen personal information. Wiener has pleaded not guilty to all charges and has been released on bail pending trial, which is set to begin on September 15. Under U.S. law, wire fraud and money laundering can carry a maximum sentence of 20 years in prison, bank fraud can lead to a maximum of 30 years, and aggravated identity theft carries a mandatory minimum sentence of at least 2 years.