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Crypto investor indicted over alleged $20M fraud and money laundering
Prosecutors estimate the alleged losses at about $20 million across dozens of victims, and the case is set for trial on September 15.
Federal prosecutors say Sioux Falls crypto investor Benjamin Paul Wiener used eight entities in an alleged fraud and money laundering scheme, moving investor funds through financial institutions and cryptocurrency exchanges to conceal the money’s location, source, ownership, and control.
The Justice Department estimates the alleged losses at approximately $20 million across dozens of victims in the region, including in South Dakota and Minnesota. According to the indictment, Wiener allegedly made materially false statements and fraudulent representations to induce people to invest money and digital currency with his companies.
The indictment, announced by the DOJ on July 16, charges Wiener with 29 counts involving wire fraud, money laundering, bank fraud, and aggravated identity theft. Wiener pleaded not guilty on July 10 before U.S. Magistrate Judge Veronica L. Duffy and was released on bond pending trial.
Separately, prosecutors allege that in April 2025 Wiener obtained a $1 million line of credit from a Sioux Falls financial institution by falsifying documents and using another individual’s personal identifying information without authorization. The DOJ did not identify the bank or the person whose information was allegedly used, and it did not link the credit-line proceeds to the estimated $20 million.