On July 16, PANews reported, according to The Block, that a U.S. federal grand jury has indicted Benjamin Paul Wiener, a resident of Sioux Falls, on 29 charges related to an alleged fraud scheme involving up to $20 million. The victims, numbering in the dozens, are located across South Dakota and Minnesota. Prosecutors allege that Wiener made material misrepresentations to victims, convincing them to transfer cash and digital currencies to his company. The indictment reveals that the scam affected dozens of victims in South Dakota and Minnesota, with estimated total losses of approximately $20 million. After receiving the funds, Wiener transferred them through financial institutions and cryptocurrency exchanges to obscure their source, ownership, and control, subsequently using the funds for personal expenses.
U.S. Jurors Indict Crypto Investor in $20 Million Fraud Scheme
PANewsShare
Summary
A U.S. federal grand jury has indicted Benjamin Paul Wiener of Sioux Falls on 29 counts related to a $20 million fraud scheme. The case involves false statements made to victims in South Dakota and Minnesota, who were convinced to send cash and cryptocurrency to Wiener’s firm. Prosecutors state the scam affected dozens of individuals, with losses nearing $20 million. Funds were allegedly transferred through banks and exchanges to conceal their origin and used for personal expenses. Investor sentiment toward crypto scams remains a growing concern, with altcoins under scrutiny showing mixed reactions to the news.
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