US indicts crypto investor over alleged $20M fraud scheme
Federal prosecutors allege the South Dakota investor used false promises to raise money, repaid earlier investors with new funds and laundered proceeds through crypto exchanges.
A federal grand jury has indicted a South Dakota cryptocurrency investor on wire fraud, money laundering, bank fraud and aggravated identity theft charges over an alleged $20 million investment scheme, the US Department of Justice said Thursday.
According to the indictment, 43-year-old Benjamin Paul Wiener persuaded people to invest money and digital assets with his companies by making false statements and fraudulent representations.
Prosecutors allege Wiener used funds from new investors to repay earlier investors and cover personal expenses after existing funds were depleted.