"Prosecutors said Netflix had initially paid Rinsch about $44m for an unfinished sci-fi show called White Horse, and then sent over an another $11m after he said he needed additional funding to wrap up the production. But instead of putting the money toward the show, Rinsch steered the cash to a personal account where he made a series of failed investments, losing around half of the $11m in a couple months, according to prosecutors."
"He then put the remaining funds into the cryptocurrency market, netting some profit, though Rinsch then deposited the money into his own bank account. Then came the lavish purchases, prosecutors said, with Rinsch buying five Rolls-Royces and one Ferrari, along with $652,000 on watches and clothes. He also bought two mattresses for about $638,000 and spent another $295,000 on luxury bedding and linens."
"In a statement, Rinsch's attorney, Benjamin Zeman, said he thought the verdict was wrong and could set a dangerous precedent for artists who become embroiled in contractual and creative disputes with their benefactors, in this case one of the largest media companies in the world, finding themselves indicted by the federal government for fraud."
Carl Rinsch was convicted of wire fraud, money laundering and related charges for diverting $11 million intended to finish a Netflix sci-fi show. Netflix had initially paid about $44 million and then sent an additional $11 million after Rinsch requested more funding to complete production. Rinsch transferred the extra funds to a personal account, lost roughly half in failed investments, and later moved remaining funds into cryptocurrency before depositing proceeds into his bank account. Rinsch used the money for luxury purchases including multiple Rolls-Royces, a Ferrari, expensive watches, clothing, and high-cost mattresses and bedding. The show White Horse remained unfinished and sentencing is set for April.
Read at www.theguardian.com
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