New Zealand Police Collaborate in Seizure of Property Linked to $6.5bn European Pyramid Scheme
Wednesday 24 January 2024, 4:26PM
406 views
New Zealand police, working with international partners, have restrained a Wellington property and $462,000 believed to be the proceeds of a pyramid scheme.
The money, sent from Luxembourg national Frank Schneider between 2018 and 2020, is alleged to have been used to buy assets and property.
Schneider was arrested in France in 2021 and charged with conspiracy to commit wire fraud and money laundering, but escaped house arrest and is being sought.
He was the CEO of Sandstone, contracted by Onecoin Ltd, a company accused of creating a NZ$6.5 billion pyramid scheme.
An investigation is ongoing, and New Zealand police say they will continue to work with international partners to ensure the country's financial system is not used to hide illicit income.