In what may wind up being a predictable judicial mistake, Frank Schneider has been released to home detention.
Schneider will be subject to 24/7 monitoring and home confinement, pending a decision on extradition to the US on January 19th.
For reasons unknown, the court didn’t set bail – meaning Schneider has nothing to lose should he flee.
Schneider (right) was arrested in France on an international arrest warrant back in April.
If extradited to the US and convicted on OneCoin related fraud charges, Schneider faces up to forty years in prison.
Upon release, Schneider is to be held at a house he owns in Joudreville. Joudreville is just 30 km from France’s Luxembourg border.
As quoted by the Reporter (paywall), Schneider’s attorney stated he was “extremely satisfied” with the release decision.
Schneider is believed to have been a key player in OneCoin’s operations. As a former spy master for Luxembourg, Schneider has political connections.
Through those connections he is believed to have first learned of the US’ investigation into OneCoin founder Ruja Ignatova.
Schneider is believed to have leaked the investigation to Ignatova, prompting her disappearance in late 2017.
While Luxembourg has extradition treaties with both France and the US, it is believed Schneider’s political connections will make it difficult to secure extradition from Luxembourg itself.
Update 19th January 2022 – Frank Schneider’s appeal has been denied.