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Frank Schneider is thought to have been indicted in the United States on money laundering accusations, among other things.

Schneider, who is now awaiting a decision on his extradition to the United States, has admitted to laundering money for OneCoin.

Schneider (right) admitted in a radio appearance that he’d been laundering money for OneCoin “for two years” in fairly unusual news out of Luxembourg.

As reported by Luxembourg’s Radio 100.7’s Jean-Claude Franck;

He said that he worked for Ruja Ignatova, an internationally wanted crypto queen, for two years and that his firm, Sandstone, generated a profit of four to five million euros as a result.

According to Frank Schneider, the possibility of the judiciary classifying this as money laundering cannot be ruled out.

It was, without a doubt, money laundering. What else could it possibly be?

Schneider is suspected of being in charge of OneCoin’s money laundering. Unfortunately, we won’t know the particular allegations in his US indictment until it’s made public.

Schneider, despite being a member of Ruja Ignatova’s inner circle, denies knowing OneCoin was a Ponzi scam.

Frank Schneider claims he was unaware of this while working with Ruja Ignatova. However, he now claims that “many years have gone and substantial quantities of money have most likely vanished.”

“If it truly is a fraud, it must be explained,” Frank Schneider concedes, “then it will be a case of money laundering, and I must be held accountable for what I may have done.”

Schneider’s defensive strategy looks to include playing stupid.

Frank Schneider argues that he was unaware of any probable illegalities at the time. And that he has only now realized that his actions from 2015 to 2017 may have been illegal.

Naturally, Scheider’s knowing an FBI presentation to German officials and tipping off Ruja Ignatova does not sit well with him.

US officials have claimed this, but Schneider disputes it.

Schneider denies obtaining confidential information regarding an ongoing Europol investigation into OneCoin through him or Sandstone. He claims that Ruja Ignatova gave him this information.

“I never went to any groups to collect secret material, I would not have done it,” he claims he could show.

Schneider stated on Radio 100.7 when questioned about his pretended ignorance:

It’s pointless to speculate about what may have happened if he had done differently.

Schneider argues that his role was to assist OneCoin address challenges and getting back on track. But he goes on to say that the idea didn’t work in general and that it wasn’t all his responsibility.

Schneider is accused of knowing where Ignatova went missing because of his close connection to her. Since she vanished in 2017, he claims he hasn’t heard anything.

Ruja Ignatova most likely vanished involuntarily at that time, he believes. Because she had never told him she planned to go underground.

He emphasizes that he would not have assisted in the “disappearance of persons.”

It is up to French officials to decide when Schneider will be extradited.

Frank Schneider claims he wants to testify in court on the OneCoin scandal. But not in the United States, where the 53-year-old faces a maximum sentence of 40 years in jail, but in Luxembourg, where he faces a maximum sentence of five years in prison.

Schneider confesses that he would rather be punished in Luxembourg than in the United States. He adds, “That’s natural.” In the United States, a conviction would be “equivalent to a death sentence.”

Given that Luxembourg has turned a blind eye to OneCoin’s Ponzi scam and continues to do so, I believe Schneider’s sentence to five years in a Luxembourgish jail is reasonable.

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