Frank Schneider, a
key figure in OneCoin’s money laundering operations
, has been arrested in France.

Schneider is also believed to have tipped off Ruja Ignatova about the FBI investigation, leading to her disappearance.

Schneider (right) was wanted by authorities in the US for his role in
OneCoin
, a
$4 billion dollar Ponzi scheme
.

In addition to tipping Ignatova off, Schneider also handled OneCoin’s dirty work.

Through his company Sandstone S.A., Schneider engaged the UK PR firm Chelgate.

Chelgate, working with the law firm Carter Ruck,
lobbied UK authorities
on OneCoin’s behalf.

This resulted in the Financial Conduct Authority, the UK’s top financial regulator, retracting a securities fraud warning issued against OneCoin.

In retrospect, the FCA retraction was one of the worst examples of European regulatory negligence regarding OneCoin.

Schneider, a connected former member of Luxembourg’s secret service, had up until now evaded capture.

As reported by
Republicain Lorrain
, Schneider was picked up by authorities on an international arrest warrant in Joudreville.

He was arrested this Thursday, in a spectacular fashion, as he was preparing to cross the Luxembourg border.

Joudreville is about a thirty minute drive from the Luxembourg border.

Following his arrest, Schneider was taken into custody and transported to the regional capital Nancy. There he is being held in anticipation of an extradition request from US authorities.

As of yet we’ve had no word from the US side. Pending extradition of Schneider, hopefully we’ll get access to an unsealed indictment with full details.

If anyone knows what happened to Ruja Ignatova since her 2017 disappearance, it’s Frank Schneider.

Update 22nd July 2021 – 
Frank Schneider has filed an appeal against extradition.

The Nancy Court of Appeals has
delayed a decision on Schneider’s extradition
till September.

Update 20th November 2021 – 
Frank Schneider’s extradition to the US will now be decided on January 19th.

In the meantime French authorities have
released Schneider
to monitored home detention.

Update 9th June 2023 – 
Following the French government granting his extradition in early April, Schneider
fled monitored detention
in mid to late May.

French authorities claim they don’t know where he is, making Schneider a wanted fugitive.

🤖 Quick Answer

Who is Frank Schneider and what was his role in OneCoin?
Frank Schneider was a key figure in OneCoin's money laundering operations who was arrested in France. He managed the cryptocurrency scheme's illicit financial activities and allegedly warned Ruja Ignatova about FBI investigations, facilitating her disappearance.

How did OneCoin attempt to gain regulatory legitimacy in the UK?
Through his company Sandstone S.A., Schneider engaged the UK PR firm Chelgate, which collaborated with law firm Carter Ruck to lobby British authorities. This lobbying effort convinced the Financial Conduct Authority to retract its securities fraud warning against OneCoin.

What was the scale of the OneCoin fraud scheme?
OneCoin operated as a $4 billion Ponzi scheme. Frank Schneider was wanted by US authorities for his involvement in the fraudulent cryptocurrency operation and

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