A once-promising Hollywood director has been arrested over claims he funnelled millions intended for a sci-fi series into personal splurges, including high-end sports cars and cryptocurrency.
According to BBC, Carl Erik Rinsch, 47, is facing federal charges of fraud and money laundering after allegedly misusing $11 million from a Netflix budget to complete a now-abandoned series called White Horse.
Known for directing 47 Ronin (2013), Rinsch appeared in a Los Angeles courtroom this week but declined to enter a plea.
Prosecutors say Netflix had given Rinsch an initial $44 million between 2018 and 2019 to bring White Horse, a show about human clones, to life.
Despite the sizeable investment, not a single episode was completed. In 2020, Netflix approved an additional $11 million after Rinsch reportedly argued the budget fell short.
Instead, authorities claim the extra funds were quickly drained through extravagant purchases.
According to the indictment, Rinsch transferred the money into personal accounts, spending it on a fleet of Rolls-Royces, a Ferrari, luxury furniture, and nearly $1 million on bedding and mattresses.
Prosecutors allege Rinsch also used the cash to cover hefty credit card bills, speculate on cryptocurrency, and finance legal action - partly to sue Netflix in an effort to secure further funding.
Prosecutor Matthew Podolsky stated, “Carl Erik Rinsch orchestrated a scheme to steal millions by soliciting a large investment from a video streaming service, claiming that money would be used to finance a television show that he was creating.”
“But that was fiction.”
Court documents suggest that even as the funds evaporated, Rinsch assured Netflix the project was “awesome and moving forward really well.”
Netflix declined to comment on the arrest.
Rinsch, meanwhile, was released on a $100,000 bond and faces up to 20 years in prison if convicted.
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