Filmmaker Convicted of Defrauding Netflix of $11 Million for Crypto Wagers

A Hollywood filmmaker, Carl Erik Rinsch, known for directing the 2013 film “47 Ronin,” has been found guilty of scamming Netflix out of $11 million. Rinsch was commissioned by Netflix to create a science fiction show called “White Horse,” but instead of using the funds for the project, he transferred the money to a personal brokerage account where he lost most of it on risky investments.

After receiving $44 million from Netflix, Rinsch convinced them to provide an additional $11 million in 2020. However, instead of moving forward with the show, he used the money for personal gain. Rinsch invested in cryptocurrencies, including Dogecoin, and made some profits in 2021. He used these gains to fund his divorce lawyers, purchase luxury items such as fancy bedsheets and clothes, and acquire five Rolls-Royce cars and a Ferrari.

Despite assuring prosecutors that the production of “White Horse” was going well, the show was never completed, and the funds were not returned to Netflix. The United States Attorney for the Southern District of New York, Jay Clayton, stated that Rinsch had misused the $11 million intended for the TV show on speculative investments. Rinsch was found guilty of wire fraud, money laundering, and engaging in monetary transactions derived from unlawful activity after a one-week trial. He is scheduled to be sentenced in April 2026. If you have any tips to share, you can email us at [email protected].