US jury indicts Benjamin Paul Wiener on 29 counts of $20 million fraud
A federal grand jury indicted Sioux Falls resident Benjamin Paul Wiener on 29 counts, including wire fraud, money laundering, bank fraud, and aggravated identity theft. The indictment alleges Wiener operated a Ponzi-style scheme through eight entities, defrauding dozens of victims in South Dakota and Minnesota, with estimated losses of approximately 20000000 dollars. Wiener allegedly made false statements to induce victims to invest money and digital currency. After collecting funds, he obscured their source and spent them on personal expenses. When funds ran low, he recruited new investors to repay earlier ones. The bank fraud charge involves a Sioux Falls financial institution where Wiener allegedly secured a 1000000 dollar line of credit by falsifying documents and using another person's identifying information. Wire fraud and money laundering carry up to 20 years in prison, while bank fraud has a maximum sentence of 30 years. Aggravated identity theft has a mandatory minimum two-year term. The investigation is being conducted by the IRS Criminal Investigation unit and the FBI.
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