Sioux Falls Investor Faces Trial Over $20 Million Crypto Fraud

A federal grand jury has indicted 43 year old Benjamin Paul Wiener on 29 counts related to a fraud scheme totaling $20 million. The charges against the Sioux Falls resident include wire fraud, money laundering, bank fraud, and aggravated identity theft. Wiener entered a not guilty plea on July 10 and is currently out on bond.

Prosecutors claim Wiener used several companies to collect funds and digital currency from investors under false pretenses. The indictment describes a setup similar to a Ponzi scheme, where new investor money was allegedly used to pay off existing participants and cover personal costs. Victims span across South Dakota and Minnesota.

Beyond the investment scheme, the government alleges Wiener defrauded a local bank to secure a $1 million credit line by using stolen identity information. He operated through eight different business entities, many of which shared the Benaiah brand name.

Wiener is presumed innocent until proven guilty, and his trial is scheduled for September 15, 2026. This case highlights a broader federal effort to crack down on crypto fraud as authorities continue to monitor suspicious flows between traditional banks and digital asset exchanges.