Key facts
- Benjamin Paul Wiener, a South Dakota crypto investor, has been indicted by a federal grand jury.
- The indictment includes 29 counts of wire fraud, money laundering, bank fraud, and aggravated identity theft.
- Prosecutors allege Wiener operated a $20 million investment scheme.
- The scheme allegedly involved false promises, using new investor funds to repay old ones, and laundering proceeds through crypto exchanges.
- Dozens of victims across South Dakota, Minnesota, and the surrounding region were allegedly affected.
A federal grand jury has indicted Benjamin Paul Wiener, a 43-year-old cryptocurrency investor from South Dakota, on 29 counts including wire fraud, money laundering, bank fraud, and aggravated identity theft. Prosecutors allege Wiener orchestrated a $20 million investment scheme by making false statements and fraudulent representations to persuade individuals to invest money and digital assets.
According to the indictment, Wiener allegedly used funds from new investors to repay earlier investors and to cover personal expenses after the existing funds were depleted. The scheme is said to have affected dozens of victims across South Dakota, Minnesota, and the surrounding region.
If convicted, Wiener faces significant prison time and fines. Potential penalties include up to 30 years in prison and a $1 million fine for bank fraud, up to 20 years in prison and a $250,000 fine for each wire fraud and money laundering count, and a mandatory consecutive two-year prison term for aggravated identity theft.