According to a 2020 indictment released this week in the United States District Court for the Southern District of New York, Frank Schneider, an accused participant in OneCoin’s $4 billion Ponzi scheme, is facing accusations of wire fraud and money laundering.
Schneider, a Luxembourg national whose intelligence business worked with OneCoin, was detained in France in 2021 and had been resisting extradition to the United States.
Co-accused U.K. national Christopher Hamilton, who faces similar allegations as Schneider, lost a plea in his home country in August to prevent extradition to the United States, while his fellow countryman Robert McDonald avoided extradition on human rights grounds. According to the indictment:
“From in or about 2014 through in or about 2019, in the Southern District of New York and elsewhere, and in an offense begun and committed out of the jurisdiction of any particular state or District, FRANK SCHNEIDER, the defendant, who is expected to be first brought to and arrested in the Southern District of New York, and whose point of entry in the United States is expected to be the Southern District of New York, and others known and unknown, willfully and knowingly did combine, conspire, confederate, and agree together and with each other to violate Title 18, United States Code, Section 1343.”
In 2019, Mark Scott, the lawyer behind OneCoin, was found guilty in the United States of laundering $400 million for the Ponzi scheme.
OneCoin, which was founded in Bulgaria in 2014, falsely labeled itself as a cryptocurrency, informing investors that the token could be mined and had actual value when, in fact, it did not exist on the blockchain.
Ruja Ignatova, often known as the “CryptoQueen,” was included on the FBI’s Ten Most Wanted Fugitives list this summer.
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