Hollywood Director Found Guilty of Blowing $11 Million Netflix Budget on Crypto and Ferraris (decrypt.co)
(Friday December 12, 2025 @05:22PM (msmash)
from the streaming-to-stealing dept.)
Carl Rinsch, the director behind the 2013 Keanu Reeves film "47 Ronin," [1]has been found guilty of defrauding Netflix out of $11 million that was meant to fund [2]a science fiction series called "Conquest," which the streaming company ultimately cancelled in 2021 after Rinsch failed to meet any production milestones. A jury in the Southern District of New York convicted the 48-year-old on seven charges: one count each of wire fraud and money laundering, and five counts of transacting in illicitly obtained property.
Prosecutors alleged that Rinsch funneled the $11 million through multiple bank accounts into a personal brokerage account, lost more than half of it on securities within two months, and then began speculating on cryptocurrency. Court records show he also spent $2.4 million on a Ferrari and five Rolls Royces, $3.3 million on furniture and antiques, and $387,000 on a Swiss watch. Netflix has written off $55 million in total and has not recovered any funds. Rinsch faces up to 90 years in prison and is scheduled for sentencing on April 17, 2026.
[1] https://decrypt.co/352128/hollywood-director-guilty-of-scamming-netflix-out-of-11m-spending-it-on-crypto
[2] https://slashdot.org/story/23/11/22/1523229/the-strange-55-million-saga-of-a-netflix-series-youll-never-see
Prosecutors alleged that Rinsch funneled the $11 million through multiple bank accounts into a personal brokerage account, lost more than half of it on securities within two months, and then began speculating on cryptocurrency. Court records show he also spent $2.4 million on a Ferrari and five Rolls Royces, $3.3 million on furniture and antiques, and $387,000 on a Swiss watch. Netflix has written off $55 million in total and has not recovered any funds. Rinsch faces up to 90 years in prison and is scheduled for sentencing on April 17, 2026.
[1] https://decrypt.co/352128/hollywood-director-guilty-of-scamming-netflix-out-of-11m-spending-it-on-crypto
[2] https://slashdot.org/story/23/11/22/1523229/the-strange-55-million-saga-of-a-netflix-series-youll-never-see