Frank Schneider is believed to have been indicted in the US on, among other things, money laundering charges.

Currently awaiting a decision on his extradition to the US, Schneider also just admitted to money laundering for OneCoin.

In slightly bizarre news out of Luxembourg, Schneider (right) confirmed in a radio interview he’d been laundering money for OneCoin “for two years”.

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

He told us that he has worked for the internationally wanted cryptoqueen Ruja Ignatova for two years, and that his company Sandstone thus made a profit of four to five million euros.

Frank Schneider said, that it could not be ruled out that the judiciary might qualify this as money laundering.

Of course it was money laundering. What else is it going to be?

Schneider is suspected of overseeing OneCoin’s money laundering operations. Unfortunately till it’s made public though, we don’t know the specific charges in his US indictment.

Despite being in Ruja Ignatova’s inner-circle, Schneider denies knowing OneCoin was a Ponzi scheme.

Frank Schneider says, that he never realised this while he was working for Ruja Ignatova. But now he says, that “many years have passed and large sums of money have probably disappeared”.

Frank Schneider admits: “If it really is fraud, it must be clarified, and then it will also be a case of money laundering and I must be held responsible for what I might have done”.

Playing dumb appears to be integral to Schneider’s planned defense.

Frank Schneider’s line of defense is that, at the time, he wasn’t aware of any possible illegalities. And that he has only now realised, that his activities from 2015 to 2017 could be considered a criminal offense.

Naturally this doesn’t sit with Scheider learning an FBI presentation to German authorities and tipping off Ruja Ignatova.

This has been alleged by US authorities but Schneider denies it;

Schneider denies that he or Sandstone had obtained secret information about an ongoing Europol investigation into OneCoin. He says Ruja Ignatova had passed this information on to him.

He says he could possibly prove this: “I never went to any organizations to get classified material, I would not have done that”.

When pressed on his feigned ignorance, Schneider told Radio 100.7;

There is no point looking back and wondering what would have happened, if he had acted differently.

Schneider explains, that his job was to solve problems and help get OneCoin on the right track. But he adds, that the scheme hadn’t worked in general and that this had not only been his fault.

Due to his close proximity to Ignatova, Schneider is suspected of knowing where she disappeared to. He claims he hasn’t heard anything since she disappeared in 2017.

He thinks it is quite likely, that Ruja Ignatova disappeared involuntarily at that time. Because she had never mentioned to him that she would go underground.

He stresses that he personally would certainly not have helped “to make people disappear”.

When a decision will be made on Schneider’s extradition is up to French authorities.

Frank Schneider says he wants to testify about the whole OneCoin affair in court. But not in the US, where the 53-year-old risks up to 40 years in prison, but in Luxembourg, where he could face up to five years in prison.

Schneider admits that he prefers to be prosecuted in Luxembourg rather than in the USA. “That’s normal”, he says. A conviction in the US would be “like a death sentence”.

Given Luxembourg has and continues to turn a blind eye to OneCoin’s Ponzi scheme, I’d say Schneider spending five years in a Luxembourgish prison is generous.