Key Takeaways
- • Benjamin Paul Wiener, 43, a Sioux Falls crypto investor, has been indicted on 29 counts including Wire Fraud, Money Laundering, Bank Fraud, and Aggravated Identity Theft following a federal grand jury investigation.
- • Wiener allegedly devised a fraud scheme targeting dozens of victims across South Dakota and Minnesota, making materially false statements to induce investments in his companies, then moving victim funds to conceal their source, location, ownership, and control.
- • Maximum penalties include up to 20 years imprisonment for Wire Fraud and Money Laundering ($250,000 fine), up to 30 years for Bank Fraud ($1,000,000 fine), plus a mandatory consecutive minimum of two years for Aggravated Identity Theft, with potential restitution ordered.
- • The indictment encompasses eight counts of wire fraud, 18 counts of money laundering, one count of bank fraud, and one count of aggravated identity theft, with Wiener pleading not guilty before U.S. Magistrate Judge Veronica L. Duffy on July 10, 2026.
- • The fraud scheme has negatively impacted dozens of regional investors, with prior civil litigation indicating losses of at least $4 million from a single Florida-based trust investor.
Summary
United States Attorney Ron Parsons announced the federal indictment of Benjamin Paul Wiener, 43, of Sioux Falls, South Dakota, on 29 counts related to an alleged cryptocurrency investment fraud scheme. Wiener appeared before U.S. Magistrate Judge Veronica L. Duffy on July 10, 2026, and pleaded not guilty to all charges. The indictment reflects a multi-agency investigation into what prosecutors characterize as a systematic fraud operation targeting investors across the upper Midwest.
According to the indictment, Wiener orchestrated a scheme designed to obtain money and digital currency from victims by making materially false statements and fraudulent representations to induce investments in his companies. After securing victim funds, Wiener allegedly conducted layered financial transfers to conceal and disguise the location, source, ownership, and control of those funds—a classic money laundering pattern. The scheme has impacted dozens of victims throughout South Dakota and Minnesota, indicating a regional scope of alleged fraudulent activity.
The charges carry substantial statutory penalties. Wire Fraud and Money Laundering each carry maximum sentences of 20 years imprisonment and $250,000 fines, with up to three years supervised release and $100 Federal Crime Victims Fund assessments. Bank Fraud carries a higher maximum sentence of 30 years imprisonment and a $1,000,000 fine, with up to five years supervised release. Critically, the Aggravated Identity Theft charge carries a mandatory consecutive minimum sentence of two years imprisonment in addition to any sentence imposed on other counts. Restitution to victims may also be ordered by the court.
Civil litigation arising from the scheme provides context for the scale of alleged losses. A Florida-based trust filed a separate federal lawsuit alleging the loss of $4 million in a single investment with Wiener's cryptocurrency fund, and a financier sought receivership proceedings in South Dakota federal court following an equivalent $4 million investment loss. These civil actions indicate that the total financial impact of the scheme likely extends into the multi-million dollar range across the victim population.
According to the indictment, Wiener orchestrated a scheme designed to obtain money and digital currency from victims by making materially false statements and fraudulent representations to induce investments in his companies. After securing victim funds, Wiener allegedly conducted layered financial transfers to conceal and disguise the location, source, ownership, and control of those funds—a classic money laundering pattern. The scheme has impacted dozens of victims throughout South Dakota and Minnesota, indicating a regional scope of alleged fraudulent activity.
The charges carry substantial statutory penalties. Wire Fraud and Money Laundering each carry maximum sentences of 20 years imprisonment and $250,000 fines, with up to three years supervised release and $100 Federal Crime Victims Fund assessments. Bank Fraud carries a higher maximum sentence of 30 years imprisonment and a $1,000,000 fine, with up to five years supervised release. Critically, the Aggravated Identity Theft charge carries a mandatory consecutive minimum sentence of two years imprisonment in addition to any sentence imposed on other counts. Restitution to victims may also be ordered by the court.
Civil litigation arising from the scheme provides context for the scale of alleged losses. A Florida-based trust filed a separate federal lawsuit alleging the loss of $4 million in a single investment with Wiener's cryptocurrency fund, and a financier sought receivership proceedings in South Dakota federal court following an equivalent $4 million investment loss. These civil actions indicate that the total financial impact of the scheme likely extends into the multi-million dollar range across the victim population.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.