In what may wind up being a predictable judicial mistake, Frank Schneider has been released to home detention.

Schneider will be subject to 24/7 monitoring and home confinement, pending a decision on extradition to the US on January 19th.

For reasons unknown, the court didn’t set bail – meaning Schneider has nothing to lose should he flee.

Schneider (right) was
arrested in France
on an international arrest warrant back in April.

If extradited to the US and convicted on OneCoin related fraud charges, Schneider faces up to forty years in prison.

Upon release, Schneider is to be held at a house he owns in Joudreville. Joudreville is just 30 km from France’s Luxembourg border.

As
quoted by the Reporter
(paywall), Schneider’s attorney stated he was “extremely satisfied” with the release decision.

Schneider is believed to have been a key player in OneCoin’s operations. As a former spy master for Luxembourg, Schneider has political connections.

Through those connections he is believed to have first learned of the US’ investigation into OneCoin founder Ruja Ignatova.

Schneider is believed to have leaked the investigation to Ignatova, prompting her
disappearance
in late 2017.

While Luxembourg has extradition treaties with both France and the US, it is believed Schneider’s political connections will make it difficult to secure extradition from Luxembourg itself.

Update 19th January 2022 –
Frank Schneider’s appeal has been
denied
.

🤖 Quick Answer

Who is Frank Schneider and why was he arrested?
Frank Schneider is a figure allegedly involved in OneCoin cryptocurrency fraud. He was arrested in France in April on an international arrest warrant related to OneCoin-related fraud charges. If extradited to the United States and convicted, he faces up to forty years imprisonment.

What was decided regarding Frank Schneider's detention?
A French court released Schneider to home detention pending an extradition decision to the United States scheduled for January 19th. He was placed under 24/7 monitoring and home confinement at his residence in Joudreville, approximately 30 kilometers from the Luxembourg border, without bail being set.

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