Overview

• Carl Erik Rinsch, known for directing '47 Ronin,' was arrested and charged with wire fraud and money laundering after allegedly defrauding Netflix of $11 million.
• Netflix initially funded Rinsch's sci-fi series 'White Horse' with $44 million, later providing an additional $11 million in 2020 to complete the project, which was never delivered.
• Prosecutors allege Rinsch transferred the funds to personal accounts, losing over half in failed stock market trades and investing the remainder in cryptocurrency, which yielded profits.
• Rinsch reportedly spent $10 million of the funds on luxury items, including cars, furniture, and legal fees, while falsely assuring Netflix that production was progressing.
• If convicted on all charges, Rinsch faces up to 90 years in prison; Netflix has declined to comment on the case.