Federal Indictment Reveals $20M Crypto Scam: Red Flags to Watch For
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A federal grand jury indicted Benjamin Paul Wiener on 29 counts including wire fraud, money laundering, bank fraud and aggravated identity theft for an alleged crypto-related fundraising scam that prosecutors say cost investors about $20 million across South Dakota and Minnesota. Authorities say funds were routed through banks and crypto platforms and that the scheme displayed classic red flags—guaranteed returns and opaque investment strategies—underscoring ongoing security, regulatory and investor-protection risks in crypto fundraising.
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- Prosecutors say the scheme cost investors about $20 million, with dozens of victims.
- The promise of a guaranteed or fixed return is one of the biggest red flags.
- Another red flag is little to no transparency about the investment strategy.
According to the US Department of Justice, a federal grand jury charged Benjamin Paul Wiener, 43, of Sioux Falls, South Dakota, with 29 federal counts, including wire fraud, money laundering, bank fraud, and aggravated identity theft.
Prosecutors say the scheme cost investors about $20 million, with dozens of victims in South Dakota and Minnesota.
The indictment says Wiener ran several businesses, raised money from investors, misled them about how the funds would be used, and spent them on things that didn’t match what he promised. Prosecutors also say the money moved through banks and crypto platforms.
Wiener has pleaded n…
Read The Full Article Federal Indictment Reveals $20M Crypto Scam: Red Flags to Watch For On Coin Edition.
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