| Key Points: – Netflix Director Carl Rinsch allegedly misused $11M, diverting funds meant for a sci-fi series into crypto investments and luxury spending. – He lost millions in stock trading before turning $4M into $27M through Dogecoin. – Lavish purchases included Rolls-Royces, high-end furniture, and luxury hotels. – Facing fraud and money laundering charges, Rinsch could receive up to 90 years in prison. |
Netflix Director Carl Rinsch has been arrested for allegedly defrauding the streaming giant out of $11 million meant for his sci-fi series White Horse. Instead of completing the project, he invested the money in crypto and spent lavishly on luxury cars, antiques, and personal expenses.
The case raises concerns about financial oversight in entertainment funding and the volatility of cryptocurrency investments. With Netflix never receiving the completed White Horse series, the allegations highlight the risks of unchecked spending in large-budget productions. Legal experts suggest that Rinsch’s case may set a precedent for stricter financial audits in media financing.
Netflix Director Carl Rinsch Arrested for Misusing $11M in Crypto Investments
Netflix Director Carl Rinsch, best known for directing 47 Ronin, was arrested in West Hollywood on March 18 on charges of wire fraud and money laundering. Prosecutors claim that between 2019 and 2020, he requested an additional $11 million from Netflix, promising to use it for the completion of his sci-fi series White Horse.
However, instead of funding production, Rinsch transferred the money into his personal brokerage account. He engaged in speculative stock and crypto trading, losing over half the amount within two months.
Netflix Director Carl Rinsch Turned $4M Into $27M With Dogecoin
According to The New York Times, despite initial losses, Netflix Director Carl Rinsch saw a massive turnaround in 2021 when he invested $4 million in Dogecoin (DOGE) through the Kraken exchange. His crypto bet surged to $27 million at its peak.
Rather than reimbursing Netflix or completing the project, he used the profits for extravagant purchases, including:
- $3.7 million on high-end furniture, including $638,000 for two mattresses.
- $2.4 million on Rolls-Royces and a Ferrari.
- $1.1 million in legal fees, including lawsuits against Netflix.
- $652,000 on watches and designer clothing.
- $395,000 for luxury hotels and rentals.
Netflix Director Carl Rinsch Faces Up to 90 Years in Prison
Now indicted on wire fraud, money laundering, and financial crimes, Netflix Director Carl Rinsch faces up to 90 years in prison if convicted. Acting U.S. Attorney Matthew Podolsky described his actions as “a scheme to steal millions under the guise of television production.”
Although released on $100,000 bail, Rinsch must appear in a New York court for further legal proceedings. Meanwhile, Netflix never received the completed White Horse series.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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