A well-known Hollywood director was found guilty this week for orchestrating a scheme that swindled the entertainment platform Netflix out of an astonishing sum allocated for a show that never materialized, prosecutors stated.
Carl Rinsch, best known for directing the film *47 Ronin* featuring the actor Keanu Reeves, was found guilty on multiple charges including wire fraud and money laundering, according to court records and government attorneys in New York.
"Today's conviction demonstrates that when someone takes money from investors, we will follow the money and hold them accountable," stated a U.S. attorney.
Prosecutors alleged that Netflix had originally disbursed Rinsch approximately a sum for an incomplete science-fiction series called *White Horse*. Later, the streamer provided an further $11 million after he claimed he required extra capital to finalize production.
However, rather than using the funds for the show, Rinsch redirected the cash to a private bank account. There, he made a string of failed investments, squandering about 50% of the multi-million dollar sum within a few months, prosecutors said.
After the market losses, Rinsch reportedly invested the leftover money into the cryptocurrency market, making some gains. But, he then transferred those funds into his personal bank account.
The subsequent actions involved significant high-end spending. Authorities detailed purchases that included:
In addition, he allegedly used some of the funds to pay off approximately $1.8 million in personal debt balances.
In a comment, Rinsch's legal counsel voiced dismay with the verdict, arguing it "establishes a dangerous standard for creatives who become involved in business and artistic disputes with their financial backers."
Rinsch, 48, never completed the television series. His sentencing date is scheduled for this spring. The streaming platform chose not to issue a statement on the conviction.
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