A man from Sioux Falls, South Dakota, is facing decades in prison for operating a cryptocurrency scheme that resulted in huge losses for investors.
Benjamin Paul Wiener was charged with wire fraud, money laundering, bank fraud, and grand theft. he says Office of the US Attorney for the District of South Dakota.
Prosecutors allege that Wiener ran a fraud scheme that cost about $20 million by forcing them to use digital currencies with his companies.
Authorities say Wiener used false statements and fraudulent presentations to lure victims into investing in companies he controlled.
After receiving investor money, Wiener allegedly moved the money through financial institutions and cryptocurrency exchanges to hide where the money came from, who controlled it and where it was going.
Prosecutors say Wiener used the money to cover up the scheme and pay for damages.
Officials also say that when an investor’s money ran out or when an investor asked for a refund, Wiener sought new money and used the new money to pay off the old ones and continue spending on his own.
He said he used several entities to commit fraud and money laundering, including Benaiah Capital LLC, Benaiah Holdings, Benaiah Digital Fixed Income LP, Benaya Digital LP, Benaya Management Company, Benaiah Enterprises, Aslan Management, LLC and Runway Four10.
Officials say the plan has affected many people in the area, including people in South Dakota and Minnesota.
Prosecutors also accuse Wiener of defrauding a financial institution in Sioux Falls.
In April 2025, Wiener allegedly received a $1 million loan by sending false documents, notices and letters to the bank.
Authorities say he also used someone else’s personal information without permission to get a loan.
Wiener now faces decades in prison and fines of more than $1 million on 29 counts.
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