Key Takeaways
- • Benjamin Paul Wiener, 43, a Sioux Falls crypto investor, was indicted on 29 counts including Wire Fraud, Money Laundering, Bank Fraud, and Aggravated Identity Theft in connection with an alleged $20 million cryptocurrency fraud scheme.
- • The scheme targeted dozens of victims across South Dakota and Minnesota, with Wiener making materially false statements to induce investments in his companies before moving funds to obscure their origin and ownership.
- • Wiener pleaded not guilty before U.S. Magistrate Judge Veronica L. Duffy on July 10, 2026; Bank Fraud carries a maximum penalty of 30 years imprisonment and $1 million fine, while Wire Fraud and Money Laundering each carry up to 20 years imprisonment and $250,000 fines.
- • Aggravated Identity Theft carries a mandatory minimum consecutive sentence of two years imprisonment in addition to any other conviction penalties, with restitution likely to be ordered.
- • Trial is scheduled for September 15, 2026, according to federal prosecutors in the District of South Dakota under U.S. Attorney Ron Parsons.
Summary
United States Attorney Ron Parsons announced that a federal grand jury indicted Benjamin Paul Wiener, 43, of Sioux Falls, South Dakota, on 29 felony counts stemming from an alleged $20 million cryptocurrency investment fraud scheme. Wiener appeared before U.S. Magistrate Judge Veronica L. Duffy on July 10, 2026, and entered a not guilty plea to all charges.
According to the indictment, Wiener devised a scheme to solicit investment funds and digital currency from victims through his companies by making materially false and fraudulent representations. After obtaining funds from investors, Wiener allegedly transferred the money through multiple channels to conceal and disguise the location, source, ownership, and control of the funds—a classic money laundering pattern. The scheme affected dozens of victims throughout the Midwest region, with confirmed victims in both South Dakota and Minnesota.
The charges carry substantial penalties. Bank Fraud carries a maximum of 30 years imprisonment, a $1 million fine, and up to five years of supervised release. Wire Fraud and Money Laundering each carry maximum sentences of 20 years imprisonment, $250,000 fines, and up to three years of supervised release. The Aggravated Identity Theft charge carries a mandatory minimum consecutive sentence of two years imprisonment in addition to any other conviction penalties. All convictions would trigger restitution orders and $100 assessments to the Federal Crime Victims Fund.
The case, prosecuted by the U.S. Attorney's Office for the District of South Dakota, is scheduled for trial on September 15, 2026. This indictment reflects ongoing federal scrutiny of cryptocurrency investment schemes operating in the Midwest, with particular focus on operators making false claims to solicit retail investor capital.
According to the indictment, Wiener devised a scheme to solicit investment funds and digital currency from victims through his companies by making materially false and fraudulent representations. After obtaining funds from investors, Wiener allegedly transferred the money through multiple channels to conceal and disguise the location, source, ownership, and control of the funds—a classic money laundering pattern. The scheme affected dozens of victims throughout the Midwest region, with confirmed victims in both South Dakota and Minnesota.
The charges carry substantial penalties. Bank Fraud carries a maximum of 30 years imprisonment, a $1 million fine, and up to five years of supervised release. Wire Fraud and Money Laundering each carry maximum sentences of 20 years imprisonment, $250,000 fines, and up to three years of supervised release. The Aggravated Identity Theft charge carries a mandatory minimum consecutive sentence of two years imprisonment in addition to any other conviction penalties. All convictions would trigger restitution orders and $100 assessments to the Federal Crime Victims Fund.
The case, prosecuted by the U.S. Attorney's Office for the District of South Dakota, is scheduled for trial on September 15, 2026. This indictment reflects ongoing federal scrutiny of cryptocurrency investment schemes operating in the Midwest, with particular focus on operators making false claims to solicit retail investor capital.
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