The DOJ attempted to unseal Frank Schneider’s indictment, which may be interpreted as an indirect assurance that he will be extradited to the United States.
On December 5th, the court approved the DOJ’s motion.
Schneider (right) was indicted by a New York Grand Jury sometime around 2019. Because the previously sealed indictment is not dated, I am unable to determine when it was filed.
Schneider was instrumental in OneCoin’s growth into a $4 billion Ponzi fraud. Schneider managed money laundering and general intelligence as founder Ruja Ignatova’s right-hand man.
Aside from OneCoin’s Ponzi scheme, Schneider is thought to have informed Ignatova of an impending FBI probe, precipitating her disappearance in late 2017.
Schneider was charged with two counts of fraud in his indictment: conspiracy to commit wire fraud and conspiracy to commit money laundering.
SCHNEIDER assisted in the operation of 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, as part of which false statements and misrepresentations were made to solicit individuals worldwide.
It was also a part of and an object of the conspiracy that FRANK SCHNEIDER, the defendant, and others known and unknown, would and did transport, transmit, and transfer, and attempt to transport, transmit, and transfer a monetary instrument and funds from a location within the United States to and through a location outside the United States, and from a location within the United States to and through a location outside the United States, knowing that the monetary instrument and funds invol
the earnings of any illegal conduct, and knowing that such transportation, transmission, and transfer was planned in advance
to hide and mask the origin, location, source, ownership, and management of specified funds in whole or in part
illegal activities, namely the revenues of the wire-fraud scheme
Schneider faces up to 40 years in prison if convicted. Schneider will very certainly die in jail at the age of 53.
The DOJ is also pursuing forfeiture of any monies and/or assets acquired by Schneider directly or indirectly through OneCoin.
Although the French government has yet to confirm Schneider’s extradition, the unsealing of his indictment signals an announcement is soon.
Schneider’s superseding indictment took place on September 24, 2020, according to the indictment unseal order.
We don’t know when the initial indictment was submitted, but it has to be between 2017 and 2020 (Ruja Ignatova’s was filed this year).