Carl Erik Rinsch, a writer-director known for 47 Ronin, was arrested Tuesday on charges of defrauding Netflix of $11 million. Authorities allege that Rinsch misused funds meant for his sci-fi series White Horse, which never aired. Instead of completing the project, Rinsch allegedly invested the money in cryptocurrency and splurged on personal luxuries.
Prosecutors claim that after Netflix paid $44 million for the unfinished show, Rinsch requested an additional $11 million. The money was transferred to his personal brokerage account, where he lost nearly half in failed investments and used the rest on lavish purchases, including a fleet of luxury cars and expensive watches.
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Rinsch faces accusations of spending around $10 million on personal expenses, including $1.8 million in credit card payments and $3.7 million on high-end furniture. He was arrested in West Hollywood and is set to appear in federal court.
The case raises concerns about financial oversight in Hollywood, as authorities investigate further potential financial mismanagement in the production of White Horse.
