SIOUX FALLS, S.D. — A Florida-based trust has filed a federal lawsuit against a Sioux Falls cryptocurrency investment firm, alleging the loss of $4 million and asking the court to appoint an independent manager to oversee the company’s operations.
The lawsuit was filed on July 18 by Timothy Kinnetz, trustee of the Timothy A. Kinnetz Revocable Trust. It names Benaiah Holdings Inc., three affiliated investment funds, and three individuals Benjamin Wiener, Joshua Dewitt, and Christopher Hmielewski. Wiener and Hmielewski are former Marshall residents.
According to the complaint, the trust invested $4 million with Benaiah in late 2021 after receiving information about the firm’s experience in cryptocurrency trading. The trust received regular account statements for about a year, but communication reportedly stopped in late 2024. When Kinnetz gained access to the fund’s Kraken trading account in March 2025, he discovered the balance was less than $600.
The lawsuit claims the investments were moved or sold without notice and alleges that several million dollars were transferred to a related technology company that later failed to repay the funds. It also states that federal agents searched the firm’s Sioux Falls office and Wiener’s residence in June 2025.
Kinnetz is asking the court to award damages, order a full accounting of the fund’s finances, and appoint Lighthouse Management Group as a receiver to take over operations. He is also requesting a jury trial.
The case is being heard in the U.S. District Court for the District of South Dakota. No criminal charges have been filed in connection with the case.
Marshall Radio News reached out to Benaiah for comment but did not receive a response.
