Sioux Falls crypto investor indicted on 29 counts in $20M fraud
In brief
- Benjamin Paul Wiener indicted on 29 counts: wire fraud, money laundering, identity theft
- Eight entities allegedly used to move investor funds through crypto exchanges and banks
- Prosecutors estimate $20 million in losses across dozens of victims in South Dakota, Minnesota
- Wiener pleaded not guilty; trial scheduled for September 15
The Alleged Scheme
Federal prosecutors say Wiener used eight companies to execute the scheme: Benaiah Capital LLC, Benaiah Holdings Inc., Benaiah Digital Fixed Income LP, Benaiah Digital LP, Benaiah Management Company Inc., Benaiah Enterprises LLC, Aslan Management LLC, and Runway Four10.
The government estimates the alleged losses at approximately $20 million across dozens of victims. Wiener allegedly moved investor funds through various financial institutions and cryptocurrency exchanges to conceal and disguise their location, source, ownership, and control.
According to the indictment, Wiener made materially false statements and fraudulent representations to induce people to invest money and digital currency with his companies. When victim funds became depleted or an investor requested the return of an investment, Wiener allegedly sought new investors and used new money for personal expenses and to repay previous investors.
Identity Theft and Unauthorized Credit
Prosecutors allege Wiener obtained a $1 million line of credit from a Sioux Falls financial institution in April 2025 by falsifying documents, information and correspondence. He used another individual's personal identifying information without authorization to secure the credit.
Prosecutors say Wiener also controlled and spent the investor funds on personal expenses. The alleged scheme affected victims throughout the region, including in South Dakota and Minnesota.
Court Status
Wiener pleaded not guilty on July 10 before U.S. Magistrate Judge Veronica L. Duffy and was released on bond pending trial. His trial is scheduled for September 15.
