Frank Schneider, a central figure in the money laundering operations of the $4 billion OneCoin Ponzi scheme, has been arrested in France. Schneider, a former member of Luxembourg's secret service, had evaded capture until this week. Authorities apprehended him in Joudreville while he was preparing to cross into Luxembourg, acting on an international arrest warrant.

Schneider is also suspected of warning OneCoin founder Ruja Ignatova about an FBI investigation, which may have facilitated her disappearance in 2017. He managed OneCoin's illicit financial activities through his company, Sandstone S.A. In a notable maneuver, Schneider's firm hired UK public relations firm Chelgate, which then partnered with law firm Carter Ruck. Together, they successfully lobbied British authorities, leading the Financial Conduct Authority to retract a securities fraud warning previously issued against OneCoin. This retraction is now viewed as a significant instance of regulatory oversight failure in Europe concerning the scheme.

Following his arrest, Schneider was transported to Nancy, the regional capital, where he is being held pending an extradition request from the United States. Details of the unsealed indictment, which may shed further light on Schneider's alleged involvement and potentially the whereabouts of Ruja Ignatova, are anticipated.

Schneider has appealed the extradition order. The Nancy Court of Appeals initially delayed a decision until September 2021. Later, his extradition to the US was scheduled for January 19, 2022. French authorities released Schneider to monitored home detention during this period. However, after the French government granted his extradition in early April 2023, Schneider fled monitored detention by late May. French authorities have stated they do not know his current location, making him a fugitive.