Frank Schneider is thought to have been indicted in the United States on money laundering accusations, among other things.   

Schneider has acknowledged money laundering for OneCoin while awaiting a decision on his extradition to the United States.   

In fairly unusual news out of Luxembourg, Schneider (right) admitted in a radio appearance that he’d been laundering money for OneCoin “for two years.” According to Jean-Claude Franck of Radio 100.7 in Luxembourg, ” He said that he worked for Ruja Ignatova, an internationally desired cryptoqueen, for two years and that his company, Sandstone, made a profit of four to five million euros as a result.” According to Frank Schneider, the possibility of the judiciary classifying this as money laundering cannot be ruled out.  It was, of course, money laundering.

What else could it possibly be?   

Schneider is suspected of being in charge of OneCoin’s money laundering. Unfortunately, we won’t know the particular allegations in his US indictment until it’s made public.   

Schneider, despite being a member of Ruja Ignatova’s inner circle, claims he had no idea OneCoin was a Ponzi scheme.   

Frank Schneider claims he was unaware of this while working with Ruja Ignatova. However, he now claims that “many years have passed and substantial sums of money have most likely vanished.” “If it truly is fraud,” Frank Schneider concedes, “then it will be a case of money laundering, and I must be held accountable for what I may have done.”   

Schneider’s defense strategy looks to include playing dumb.   

Frank Schneider’s defense is that he was unaware of any probable illegalities at the time. and that it was only now that he realized his actions from 2015 to 2017 could be considered unlawful. Naturally, Scheider is enraged when he learns of an FBI presentation to German authorities and informs Ruja Ignatova.   

US authorities have accused Schneider of this, although he denies it. Schneider also denies obtaining confidential information about an ongoing Europol investigation into OneCoin through him or Sandstone. He claims that Ruja Ignatova gave him this information. He claims he might be able to prove it: “I never went to a government agency to obtain sensitive information. That is something I would not have done.”   

“There is no point looking back and speculating what might have occurred if he had done differently,” Schneider told Radio 100.7 when asked about his apparent ignorance. Schneider argues that his role was to help OneCoin address challenges and get back on track. However, he adds that the plan had failed in general, and that this was not only his fault.   

Because of his proximity to Ignatova, Schneider is accused of knowing where she went. Since she vanished in 2017, he claims he hasn’t heard anything.   

Ruja Ignatova most likely vanished involuntarily at that time, he believes. since she had never told him she was planning to go underground. He emphasizes that he would not have assisted in the “disappearance of people.”   

It is up to French officials to decide when Schneider will be extradited.   

Frank Schneider claims he wants to testify in court on the OneCoin scandal. But not in the United States, where the 53-year-old faces a maximum sentence of 40 years in prison, but in Luxembourg, where he faces a maximum sentence of five years in prison. Schneider confesses that he would rather be punished in Luxembourg than in the United States. He says, “That’s natural.” In the United States, a conviction would be “equivalent to a death sentence.” 

Given that Luxembourg has turned a blind eye to OneCoin’s Ponzi scheme and continues to do so, I think Schneider’s sentence of five years in a Luxembourgish prison is generous.

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