"A federal jury in Manhattan needed only a few hours to deliver a guilty verdict against Rinsch, who bilked the streaming service out of millions of dollars while claiming he needed more money to finish the sci-fi series White Horse/Conquest after blowing through its initial $44 million budget, before the project was outright canceled. Rinsch, 48, testified during the one-week trial that the cash was to pay himself back for his own money he'd put into the series."
"Instead, he consolidated that money into a brokerage account before unsuccessfully making a number of personal and speculative purchases of securities, federal prosecutors said Thursday when announcing the verdict. Even after losing about half of the $11 million, he still invested the rest in cryptocurrency, used at least $1.7 million on credit card bills, and spent more than $6 million on furniture, antiques, a luxury Swiss watch, five Rolls Royces and a red Ferrari."
"Rinsch had been charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison; one count of money laundering, which carries a maximum sentence of 20 years in prison; and five counts of engaging in monetary transactions in property derived from specified unlawful activity, each of which carries a maximum sentence of 10 years in prison, according to the indictment from the Southern District of New York."
Carl Rinsch was convicted of scamming Netflix out of $11 million and faces up to 90 years in prison. A federal jury found that Rinsch requested more money to finish the sci‑fi series White Horse/Conquest after its $44 million budget was exhausted and the project was canceled. Rinsch testified the funds were to repay his own investment, but prosecutors say he moved the money to a brokerage account and made speculative securities trades. After losing about half the funds he invested remaining money in cryptocurrency, paid at least $1.7 million in credit card bills, and spent over $6 million on luxury purchases. The indictment included wire fraud, money laundering, and monetary transaction counts; sentencing is scheduled for April 17.
Read at www.mercurynews.com
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