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Hollywood filmmaker Carl Erik Rinsch, known for directing 47 Ronin, has been arrested on allegations of wire fraud and money laundering.
According to federal prosecutors, Rinsch allegedly misused $11 million intended for a Netflix sci-fi series, instead diverting the funds into cryptocurrency investments and luxury purchases.
Netflix Paid $44 Million for ‘White Horse’ Project
Netflix initially funded $44 million for an unfinished show titled White Horse. However, Rinsch later requested an additional $11 million, claiming it was necessary to complete the production.
Instead of utilizing the funds for filmmaking, prosecutors allege that he transferred the money into personal brokerage and cryptocurrency accounts.
Failed Investments and Lavish Spending Spree
Court documents reveal that Rinsch quickly lost about half of the $11 million in unsuccessful stock investments.
However, his cryptocurrency ventures yielded substantial profits, which he later transferred to his personal bank account. Prosecutors claim he spent $10 million on luxury goods, including:
$1.8 million on credit card bills
$1 million in legal fees to sue Netflix for more money
$3.8 million on high-end furniture and antiques
$2.4 million on luxury cars, including five Rolls-Royces and a Ferrari
$652,000 on designer watches and clothing
Court Proceedings and Legal Representation
Rinsch was taken into custody in West Hollywood, California, and later appeared in a Los Angeles federal court wearing a turtleneck sweater and jeans, with shackles on his arms and legs.
He did not enter a plea but confirmed his understanding of the charges when questioned by the judge.
U.S. Magistrate Judge Pedro V. Castillo granted his release on a $100,000 bond, ensuring his presence in an upcoming New York court appearance, where the indictment was filed. His attorney, Annie Carney, refrained from commenting, stating that she had yet to review the evidence presented by the prosecution.
While the streaming giant has not issued a detailed statement, Netflix declined to comment on the legal proceedings against Rinsch.
