In New York (AP) – A filmmaker based in Hollywood was apprehended on Tuesday for allegedly defrauding Netflix out of $11 million, claiming it was for an unproduced sci-fi series. Instead, the funds were diverted towards cryptocurrency ventures and extravagant acquisitions such as a Rolls-Royce fleet and a Ferrari.
It’s been reported that Carl Erik Rinsch, who is well recognized for his work on the movie “47 Ronin,” is facing accusations of wire fraud and money laundering due to an alleged scam targeting a major streaming service, according to federal authorities.
Initially, Netflix agreed to pay around $44 million for an incomplete series titled “White Horse,” produced by Rinsch. However, later on, they provided an extra $11 million following Rinsch’s claim that more funds were required to finalize the series.
Instead of utilizing the additional funds for completing production, Rinsch covertly moved the money into a private investment account. However, his subsequent investment endeavors turned out unsuccessful, leading to a loss of approximately half of the $11 million within just two months, as reported by the prosecution.
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After investing the remaining funds into the cryptocurrency market, the movie director found success, as this move turned out to be lucrative. Subsequently, the profits were moved into a private bank account by Rinsch, as stated in the indictment.
Subsequently, Rinsch splurged approximately $10 million on various personal expenses and lavish goods, as alleged by prosecutors. This extravagant spending included roughly $1.8 million on credit card bills, $1 million on legal fees to sue Netflix for additional funds, $3.8 million on furniture, antiques, and luxury items, $2.4 million for five Rolls-Royces and one Ferrari, and $652,000 on watches and clothing.
47-year-old Rinsch was taken into custody in West Hollywood, California, and appeared at a preliminary court proceeding on Tuesday.
In a federal courtroom in Los Angeles, he made an appearance, dressed casually in a turtleneck sweater and jeans while wearing handcuffs on his wrists and ankles. He neither submitted a plea nor offered any additional remarks apart from responding to the judge’s queries. When questioned about whether he had thoroughly read the indictment filed against him, he responded that he hadn’t read it entirely, but clarified that he comprehended the accusations.
On Tuesday afternoon, U.S. Magistrate Judge Pedro V. Castillo decided to release him on bail, set at $100,000, as a guarantee that he will attend future court hearings in New York, where the charges against him were filed.
Outside the court, the newly appointed lawyer for him, Annie Carney, chose not to speak about the matter. During the hearing, she mentioned that she hadn’t reviewed the prosecution’s evidence against Rinsch yet. When talking about his release conditions, she stated, “The accusations in this case are only related to finances.
Rinsch’s New York court date had not yet been set.
Netflix declined to comment.
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2025-03-22 01:15