The Crypto Queen accomplice, like his former boss Ruja Ignatova, has disappeared prior to facing legal proceedings in the United States.
Frank Schneider, who worked as the “crisis manager” and security advisor for OneCoin’s mastermind Ignatova, is currently evading authorities and is being pursued by the French legal system.
Schneider, 53, was placed under house arrest in France while awaiting extradition to the US.
The Crypto Queen Accomplice Evades Justice, Questions Fair Trial
Initially apprehended by French authorities in April 2021 while traveling with his family near the Luxembourg border, Schneider endured a seven-month incarceration before being granted release under house arrest.Accused of participating in a massive cryptocurrency scam worth $4 billion, Schneider could potentially receive a maximum prison sentence of 40 years on charges of fraud and money laundering. Astonishingly, he managed to evade electronic surveillance, despite being strapped with an ankle tag, according to French officials who confirmed the development to the BBC.
Throughout this period, Schneider resided in a village in France and granted interviews to journalists while collaborating with his legal team to contest his extradition.
Expressing doubt about receiving a fair trial in the US, the crypto queen adviser conveyed his concerns to the BBC during an interview conducted in August 2022 while he was still under house arrest.
“I fear that I have not got access to a legal system in which I can defend myself properly,” he said at the time. “The system is very much based on so-called plea bargaining. Now, for me, that already is a problem, because I profoundly believe that I’m not guilty.
Crypto Queen: OneCoin Scam Unraveled
The OneCoin cryptocurrency scam, one of the most notorious fraudulent schemes in recent years, continues to captivate global attention. At the center of this elaborate web of deception stands Ruja Ignatova, known as the Crypto Queen, whose vanishing act has left a trail of unanswered questions and a tangled web of financial ruin.
Ignatova, a Bulgarian national, founded OneCoin in 2014, promising unparalleled returns on investments in the cryptocurrency. With slick marketing tactics and a charismatic persona, the crypto queen enticed unsuspecting individuals from all walks of life to pour their savings into what she claimed would be the next big thing in digital currency.
However, in 2017, cracks began to appear in the empire she had built. Investigations by authorities around the world started to expose the fraudulent nature of OneCoin. As the pressure mounted, Ignatova disappeared from the public eye in late 2017, leaving behind a trail of disgruntled investors seeking answers.
Schneider’s arrest by French authorities in April 2021 brought a glimmer of hope to the victims of the OneCoin scam, as they believed it would lead to the recovery of their investments.
Yet, his subsequent release under house arrest and escape from electronic monitoring have dealt a blow to those seeking justice.
Featured image from Slate/Getty Images Plus
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