Crypto Investor Indicted on 29 Counts in $20 Million Investment Scheme

A South Dakota-based crypto investor, Benjamin Paul Wiener, has been indicted on 29 counts of wire fraud, money laundering, bank fraud, and aggravated identity theft. The U.S. Attorney's Office for the District of South Dakota alleges that Wiener orchestrated a $20 million investment scheme targeting dozens of regional victims across South Dakota, Minnesota, and neighboring states.

The indictment claims Wiener made false statements to induce investments in companies he controlled. After depleting investor funds, Wiener allegedly sought new investments to finance personal spending and repay earlier participants.

Prosecutors contend that Wiener transferred investor funds through financial institutions and cryptocurrency exchanges to conceal their source, ownership, and movement. This mirrors tactics described in other cryptocurrency fraud prosecutions, where operators allegedly used new deposits to repay earlier investors while presenting the appearance of legitimate investment returns.