A federal grand jury has indicted Benjamin Paul Wiener, 43, on 29 counts related to an alleged Ponzi scheme that drained approximately $20 million from investors in both cash and digital assets. The charges include wire fraud, money laundering, bank fraud, and aggravated identity theft, painting a picture of a multi-year operation that prosecutors say was built on classic Ponzi mechanics: pay old investors with new investors’ money, and pocket whatever’s left.
Wiener, a resident of Sioux Falls, South Dakota, pleaded not guilty at his arraignment on July 10, 2026. He was released on bond and is scheduled to stand trial on September 15, 2026.
How the scheme allegedly worked
Wiener allegedly operated through a cluster of entities known as the Benaiah entities, which he founded or controlled dating back to at least 2018. These vehicles were marketed to investors as hedge fund-like opportunities with a primary focus on digital assets.
According to federal investigators, the Benaiah entities collected roughly $25.1 million from investors. Of that total, about $12 million was returned to investors, likely in the form of fabricated “returns” designed to keep the scheme running. Prosecutors allege that around $5.7 million was transferred directly to Wiener for personal use.
