Netflix Scandal: Director's Desperate Gambles Led to $11 Million Heist
A shocking case of hubris and recklessness has come to light in the film industry, as director Carl Rinsch, known for his 2013 Keanu Reeves movie "47 Ronin," has been found guilty of defrauding Netflix out of a staggering $11 million.
The scheme began in 2017 when Rinsch started filming his project "White Horse" (later renamed "Conquest"). He poured his own money and secured investor funds to complete six short-form episodes. However, instead of using these funds to pitch the series to studios, Rinsch used them to fuel his personal spending sprees.
When Netflix acquired the rights to the series for a whopping $61 million in 2018, Rinsch petitioned for another $11 million to wrap up production. The company agreed, and he promptly transferred the funds into personal accounts, where they were lavished on lavish purchases – including seven-figure stock trades that ultimately went sour.
The director's misfortune took an unexpected turn when his crypto trades turned a profit, allowing him to embark on an extravagant shopping spree worth $10 million. He splurged on high-end furniture, antiques, luxury cars, and jewelry, spending nearly $4 million on Rolls-Royces alone.
However, instead of using the windfall to finish the series as promised, Rinsch continued down his destructive path. By 2021, Netflix had canceled the project, writing off over $55 million in costs.
During the trial, Rinsch claimed that Netflix's millions were meant to reimburse him for personal investments, but jurors saw through this ruse. After less than five hours of deliberation, he was found guilty on all seven counts – wire fraud, money laundering, and five charges related to his misuse of ill-gotten gains.
While Rinsch faces up to 90 years in prison, it's likely that he'll receive a significantly shorter sentence. The case serves as a stark reminder of the risks of unchecked ambition and the importance of accountability in Hollywood's high-stakes world.
A shocking case of hubris and recklessness has come to light in the film industry, as director Carl Rinsch, known for his 2013 Keanu Reeves movie "47 Ronin," has been found guilty of defrauding Netflix out of a staggering $11 million.
The scheme began in 2017 when Rinsch started filming his project "White Horse" (later renamed "Conquest"). He poured his own money and secured investor funds to complete six short-form episodes. However, instead of using these funds to pitch the series to studios, Rinsch used them to fuel his personal spending sprees.
When Netflix acquired the rights to the series for a whopping $61 million in 2018, Rinsch petitioned for another $11 million to wrap up production. The company agreed, and he promptly transferred the funds into personal accounts, where they were lavished on lavish purchases – including seven-figure stock trades that ultimately went sour.
The director's misfortune took an unexpected turn when his crypto trades turned a profit, allowing him to embark on an extravagant shopping spree worth $10 million. He splurged on high-end furniture, antiques, luxury cars, and jewelry, spending nearly $4 million on Rolls-Royces alone.
However, instead of using the windfall to finish the series as promised, Rinsch continued down his destructive path. By 2021, Netflix had canceled the project, writing off over $55 million in costs.
During the trial, Rinsch claimed that Netflix's millions were meant to reimburse him for personal investments, but jurors saw through this ruse. After less than five hours of deliberation, he was found guilty on all seven counts – wire fraud, money laundering, and five charges related to his misuse of ill-gotten gains.
While Rinsch faces up to 90 years in prison, it's likely that he'll receive a significantly shorter sentence. The case serves as a stark reminder of the risks of unchecked ambition and the importance of accountability in Hollywood's high-stakes world.
Carl Rinsch, director of "47 Ronin" & "White Horse", just got caught red-handed for swiping $11 million from Netflix 
like what even is that?! I mean I've seen some wild spending habits in my time but come on dude! 
He used the money to buy himself a bunch of fancy stuff, including 7-figure stock trades & luxury cars 
And then he thought he could just pocket it all and walk away? 
Not on my watch! The whole thing is just so insane I'm still trying to process how someone got this reckless with other people's money 
anyway, the moral of the story is: if u wanna make it in Hollywood, stay focused & keep your priorities straight 
.
And it's not like he was trying to hurt anyone or take advantage of innocent people. He just wasn't thinking things through, I guess.
Shouldn't they be held to the same standards as Rinsch? Or are there just going to be two sets of rules depending on who's involved?
. Can someone please just tell me what's going on?! 
can u believe this?! Carl Rinsch just got away with $11 MILLION 
its like he thought he was above the law lol! i mean, who spends that kinda cash on rolls-royces & jewelry?! 
anyway, good for netflix they finally caught him in the act 
and hes gotta pay for his reckless decisions 
I'm all for directors taking creative control of their projects, but some folks just can't handle success - or failure. Carl Rinsch thought he was above the law with Netflix, and now he's facing serious consequences. It's a reminder that when you're working in the entertainment industry, there are rules to follow (and consequences if you break them). 
hopefully he learns a lesson about being responsible with money 
especially when you're working in an industry where creativity & talent are supposed to be valued, not some greedy money grab 
90 years in prison is a pretty harsh sentence, but i guess he had it coming 
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. I mean, who pours their own money into a project, thinking they can just splurge on themselves later? And then they have the nerve to blame Netflix for not knowing about all these "personal investments"? 
: 
: 
this guy is literally the ultimate #AdultingFail
. And what really gets me is that he tried to pass it off as business expenses, like he was getting reimbursed by the company 
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he's like that one uncle at the family reunion, always trying to impress with his fancy purchases 
he's gonna get a slap on the wrist for this one