"Prosecutors said Netflix had initially paid Rinsch about $44 million for an unfinished sci-fi show called "White Horse," and then sent over an another $11 million 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 $11 million 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 addition, he used some of the money to pay off about $1.8 million in credit card bills, prosecutors said."
Filmmaker Carl Erik Rinsch was convicted on charges including wire fraud and money laundering for allegedly diverting $11 million from Netflix intended to complete a sci‑fi series. Netflix had previously paid about $44 million for the unfinished project and provided an additional $11 million for wrap‑up costs. Rinsch reportedly funneled the funds into a personal account, suffered investment losses, moved remaining proceeds into cryptocurrency, and later deposited profits into his own bank account. Prosecutors say he used the money for lavish purchases including five Rolls‑Royces, a Ferrari, expensive watches, designer clothes, and luxury mattresses and bedding. Sentencing is scheduled for April.
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