Sioux Falls Man Allegedly Masterminds $20,000,000 Crypto Investment Fraud Scheme, Splurges Funds on Personal Expenses – Crypto News – Crypto News
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Sioux Falls Man Allegedly Masterminds $20,000,000 Crypto Investment Fraud Scheme, Splurges Funds on Personal Expenses Sioux Falls Man Allegedly Masterminds $20,000,000 Crypto Investment Fraud Scheme, Splurges Funds on Personal Expenses

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Sioux Falls Man Allegedly Masterminds $20,000,000 Crypto Investment Fraud Scheme, Splurges Funds on Personal Expenses – Crypto News

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A Sioux Falls, South Dakota, man is facing decades behind bars after allegedly running a crypto investment scheme that caused tens of millions of dollars in losses for investors.

Benjamin Paul Wiener was charged with wire fraud, money laundering, bank fraud, and aggravated identity theft, says the U.S. Attorney’s Office for the District of South Dakota.

Federal prosecutors say Wiener ran a fraud scheme that caused about $20 million in losses after allegedly convincing victims to invest money and digital currency with his companies.

Authorities say Wiener used false statements and fraudulent representations to persuade victims to put money into companies he controlled.

After receiving investor funds, Wiener allegedly moved the money through financial institutions and cryptocurrency exchanges to hide where the funds came from, who controlled them and where they were going.

Prosecutors allege Wiener used the proceeds to cover up the scheme and pay for personal expenses.

Authorities also allege that when investor funds ran low or when an investor asked for their money back, Wiener sought new investors and used the new funds to pay earlier investors and continue spending on himself.

He also allegedly used several entities to carry out the alleged fraud and money laundering scheme, including Benaiah Capital LLC, Benaiah Holdings, Benaiah Digital Fixed Income LP, Benaiah Digital LP, Benaiah Management Company, Benaiah Enterprises, Aslan Management, LLC and Runway Four10.

Authorities say the scheme affected dozens of victims across the region, including people in South Dakota and Minnesota.

Prosecutors also accuse Wiener of defrauding a financial institution in Sioux Falls.

In April 2025, Wiener allegedly obtained a $1 million line of credit by submitting falsified documents, information and correspondence to the bank.

Authorities say he also used another person’s personal identifying information without authorization to secure the credit line.

Wiener is now facing decades in prison and more than $1 million in fines across 29 counts.

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