Sioux Falls Investor Indicted in Alleged $20M Crypto Fraud

A federal indictment alleges Benjamin Paul Wiener, a Sioux Falls cryptocurrency investor, used eight companies and new investor funds to hide roughly $20 million and launder proceeds in a scheme that affected dozens of victims in South Dakota, Minnesota and nearby states.

A federal grand jury returned a 29-count indictment in June, the Justice Department announced July 16. Charges include wire fraud, money laundering, bank fraud and aggravated identity theft. Wiener pleaded not guilty on July 10 before U.S. Magistrate Judge Veronica L. Duffy and was released on bond. His trial is set for Sept. 15. He is presumed innocent unless proven guilty.

The indictment names eight entities tied to the alleged scheme: Benaiah Capital LLC; Benaiah Holdings, Inc.; Benaiah Digital Fixed Income LP; Benaiah Digital LP; Benaiah Management Company, Inc.; Benaiah Enterprises, LLC; Aslan Management, LLC; and Runway Four10. The filing does not detail the role each entity played in specific transactions.

Prosecutors allege Wiener persuaded people to invest money and digital currency by making false statements and fraudulent representations about businesses he controlled. After receiving funds, he moved them through multiple banks and cryptocurrency exchanges to obscure their location, source, ownership and control, the indictment says.

The filing alleges Wiener spent investor funds on personal expenses. When funds were depleted or investors requested returns, prosecutors say he sought new investors and used incoming money to repay earlier investors and cover personal costs.

Separately, the indictment alleges that in April 2025 Wiener obtained a $1 million line of credit from a Sioux Falls financial institution by submitting falsified documents and using another person’s identifying information without authorization. The Justice Department did not identify the bank or the individual and did not link that credit line directly to the roughly $20 million in alleged investor losses. The bank-fraud and identity-misuse allegations are included as a separate part of the 29-count case.

Prosecutors estimate the alleged investor losses at about $20 million. Court documents say victims include individuals in South Dakota and Minnesota.