A Hollywood director's lavish spending spree came crashing down yesterday as he was convicted of scamming $11 million from Netflix. Carl Erik Rinsch, best known for directing "47 Ronin," was found guilty on multiple counts including wire fraud, money laundering, and other charges.
According to court records and federal prosecutors in New York, Rinsch convinced Netflix to pay him an initial $44 million for a sci-fi show called "White Horse." After the production was left unfinished, Netflix sent over another $11 million, expecting that Rinsch would finish the project. However, instead of putting the funds towards the show, Rinsch diverted the money into a personal account and made several failed investments.
Rinsch's cryptocurrency gamble also didn't pay off as he lost around half of the $11 million within a couple of months. The remaining funds were then deposited into his own bank account. It was there that Rinsch splurged on luxury items, including five Rolls-Royces and one Ferrari, which cost a staggering $652,000 for watches and clothes alone. He also bought two mattresses worth about $638,000 and spent another $295,000 on high-end bedding and linens.
In addition to his conspicuous consumption, Rinsch used some of the money to pay off around $1.8 million in credit card bills. The most unfortunate part for Netflix was that they never got to see their "White Horse" show materialize – a project that had initially promised a hefty paycheck for the production company.
The director's sentencing is set for April, after which he will face significant consequences for his actions. U.S. Attorney Jay Clayton stated that Rinsch "took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions." The verdict serves as a reminder that those who steal from investors will be held accountable.
According to court records and federal prosecutors in New York, Rinsch convinced Netflix to pay him an initial $44 million for a sci-fi show called "White Horse." After the production was left unfinished, Netflix sent over another $11 million, expecting that Rinsch would finish the project. However, instead of putting the funds towards the show, Rinsch diverted the money into a personal account and made several failed investments.
Rinsch's cryptocurrency gamble also didn't pay off as he lost around half of the $11 million within a couple of months. The remaining funds were then deposited into his own bank account. It was there that Rinsch splurged on luxury items, including five Rolls-Royces and one Ferrari, which cost a staggering $652,000 for watches and clothes alone. He also bought two mattresses worth about $638,000 and spent another $295,000 on high-end bedding and linens.
In addition to his conspicuous consumption, Rinsch used some of the money to pay off around $1.8 million in credit card bills. The most unfortunate part for Netflix was that they never got to see their "White Horse" show materialize – a project that had initially promised a hefty paycheck for the production company.
The director's sentencing is set for April, after which he will face significant consequences for his actions. U.S. Attorney Jay Clayton stated that Rinsch "took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions." The verdict serves as a reminder that those who steal from investors will be held accountable.
I mean, come on... $44 million for a sci-fi show that never even got made? That's just crazy talk! And then he has the nerve to buy like five Rolls-Royces and a Ferrari? 
It's just insane. I'm not buying the whole 'he was just trying to get rich quick' excuse either, there's gotta be someone at Netflix who could've caught on that something was fishy with this deal. And now they're stuck with nothing but a bunch of worthless show material and a bunch of fancy cars that'll just depreciate in value over time... 
. It's like they say, 'pride goeth before destruction, and an haughty spirit before a fall' 
. Looks like his ego and love for luxury cars have led to his downfall 
."
. It's not about how much money you have or where it comes from – it's about how you choose to use it and who you decide to hurt in the process. For Rinsch, he clearly chose greed over integrity 
. And that's a lesson we can all learn from.
! I mean, $11 million is a lotta cash, but buying 5 Rolls-Royces and a Ferrari? That's just ridiculous 
. On the bright side, I guess the director got to live the high life while the show was stuck in development hell 
. Guess you could say he "direct-ed" himself into financial trouble 
.
I'm like totally shocked by this news!!! $11 million is CRAZY 
and stuff he didn't need 
. I feel bad for Netflix though, they were really counting on that show 
. But at the same time, ouch 
to Carl Erik Rinsch, he totally took advantage of Netflix's trust 
and he learns a hard lesson 
. This whole thing just goes to show that greed can lead to big consequences 
five Rolls-Royces and a Ferrari? come on 
Ugh I'm so sick of people who think they can just scam their way to the top... Netflix deserves better than someone like this!