Benjamin Paul Wiener was indicted this week on 29 federal counts tied to a $20 million cryptocurrency Ponzi scheme. The charges, unsealed July 18, accuse Wiener of running a fraudulent investment operation that promised high returns but paid early investors with new money.
The indictment
The indictment, filed in U.S. District Court, lists 29 counts including wire fraud, securities fraud, and money laundering. Prosecutors allege Wiener solicited funds from investors between 2021 and 2025, claiming he was running a profitable crypto trading strategy. In reality, authorities say, the operation was a classic Ponzi scheme — using new investor deposits to pay supposed returns to earlier backers.
Investor losses
According to the indictment, the scheme collected roughly $20 million from dozens of victims. Many were individuals lured through online forums and social media, where Wiener presented himself as a seasoned crypto trader. The losses are believed to be total; no significant assets have been recovered so far.
What comes next
Wiener is currently in custody pending a detention hearing. If convicted on all counts, he faces substantial prison time. The case is being prosecuted by the Department of Justice's fraud section. A trial date has not yet been set. The case adds to a growing list of crypto-related fraud prosecutions by federal authorities.
