Frank Schneider, a top associate of OneCoin, is facing charges of wire fraud and money laundering if his extradition process to the United States sails through.
An indictment detailing the charges against Schneider was unsealed after the approval of the application of U.S. Attorney Damian William. The document revealed the charges filed against Schneider in a Grand Jury hearing back in 2020 for his role in the OneCoin Ponzi scheme that cost investors billions of dollars in losses.
“Schneider helped to operate an international fraud scheme involving the sale of a purported cryptocurrency known as ‘OneCoin’ – by, among other things, managing the scheme’s proceeds and evading law enforcement investigations into the scheme,” the report read.
In his defense, Schneider said he occupied the role of crisis manager at OneCoin, using his unique skill sets to solve unexpected issues. He admitted to being a close confidante of the project’s founder Ruja Ignatova but denied any knowledge that the company was running a Ponzi scheme.
“If it is really fraud, it must be clarified, and then it will also be a case of money laundering and I must be held responsible for what I might have done,” Schneider said.
The indictment noted that Schneider was involved in making false statements and misrepresentations to obtain funds from investors worldwide to invest in the sham tokens. Schneider served in Luxemburg’s secret service, and his private intelligence firm was…
