A Sioux Falls crypto investor has been indicted on 29 federal counts for allegedly running a $20 million fraud scheme that ensnared dozens of victims across South Dakota and Minnesota. Benjamin Paul Wiener, 41, was charged with wire fraud, money laundering, bank fraud, and aggravated identity theft, according to the Justice Department. The indictment, unsealed on July 16, 2026, details a multi-year operation in which Wiener allegedly used a network of eight entities to collect investor money and then shuffle it through financial institutions and crypto exchanges to hide the trail.
The Alleged Ponzi-Like Structure
Wiener's scheme relied on a steady flow of new money to keep the old money flowing, prosecutors say. When investor funds ran low or a client asked for a return, Wiener allegedly recruited new investors and used their cash to repay earlier ones. The rest went to personal expenses. The eight entities — including Benaiah Capital LLC, Benaiah Holdings, Inc., and Runway Four10 — served as the vehicles for the alleged fraud. Wiener moved money through a series of financial institutions and cryptocurrency exchanges, deliberately obscuring its location, source, and ownership, the indictment states.
Victims were concentrated in the two states, but the indictment doesn't name them individually. The Justice Department said the losses total roughly $20 million.
The $1 Million Bank Fraud Component
One count in the 29-count indictment stands apart. In April 2025, Wiener allegedly obtained a $1 million line of credit from a Sioux Falls financial institution by falsifying documents and using another person's identifying information without authorization. That charge is a distinct piece of the case, not directly tied to the $20 million investor loss, but it adds to the portrait of a defendant who, prosecutors say, wasn't above stealing an identity for a loan.
Court Proceedings and What's Next
Wiener pleaded not guilty on July 10 before U.S. Magistrate Judge Veronica L. Duffy. He was released on bond pending trial. The government emphasizes that Wiener is presumed innocent until proven guilty. The trial is scheduled for September 15, 2026, in federal court. That's the next concrete date — a little under two months from now. The case will likely hinge on the paper trail of the eight entities and the movement of money through banks and exchanges. For now, the alleged victims wait.
