[Crypto Investor in South Dakota, USA, Accused of Running $20 Million Ponzi Scheme, Faces 29 Charges] BlockBeats News, July 18 – A U.S. federal grand jury has indicted 43-year-old crypto investor Benjamin Paul Wiener from Sioux Falls, South Dakota, on 29 charges, including wire fraud, money laundering, bank fraud, and aggravated identity theft. The case involves approximately $20 million, with victims including dozens of investors from South Dakota and Minnesota. Prosecutors allege that Wiener, through eight entities under his control, misled investors with false statements to secure investments in funds and cryptocurrency assets. He then used banks and cryptocurrency exchanges to obscure the origin of the funds, which were allegedly spent on personal expenses. When investors sought to redeem their funds or when new funds ran dry, Wiener reportedly recruited new investors to pay off earlier ones, operating a suspected Ponzi scheme. Additionally, prosecutors accuse Wiener of forging documents, communication records, and misusing others' identity information in April 2025 to fraudulently obtain a $1 million line of credit from a bank. Wiener has pleaded not guilty to all charges and has been released on bail pending trial. The case is scheduled to go to trial on September 15. Under U.S. law, wire fraud and money laundering carry a maximum sentence of 20 years in prison, bank fraud carries a maximum sentence of 30 years, and aggravated identity theft includes a mandatory consecutive sentence of at least 2 years. [Original Article Link]