Director apprehended on allegations of defrauding Netflix of $11M for a series that failed to broadcast.
Hollywood Bigwig's Bold Swindle Exposed
In a shocking turn of events, a renowned Hollywood director finds himself in hot water, accused of masterminding a daring con that netted him a whopping $11 million from none other than Netflix. Carl Erik Rinsch, famed for directing the movie "47 Ronin", now faces charges of wire fraud and money laundering following this alleged scheme.
Rinsch's scheme reportedly revolved around a sci-fi show titled "White Horse", which Netflix initially paid approximately $44 million for. The snag? Netflix was allegedly swindled for an additional $11 million, which was supposedly needed to finally put the production wheels in motion.
However, it appears that funds never made it to the show; instead, they found their way into Rinsch's personal brokerage account. In a series of questionable moves, the funds were allegedly squandered on an array of bad investments that saw half the money vanish in just two months.
The remainder of the funds was reportedly plunged into the cryptocurrency market, which proved to be a profitable venture. Rinsch then proceeded to transfer these earnings into a personal bank account, thoughtfully setting the stage for an extravagant spending spree.
Approximately $10 million was reportedly squandered on personal expenses and luxury items, including but not limited to:- A hefty $1.8 million on credit card bills- On the order of $1 million to lawyers, allegedly to sue Netflix for more dough- A cool $3.7 million on furniture and antiques- $2.4 million for five Rolls-Royces and a Ferrari- $652,000 on watches and clothes
Rinsch was apprehended in West Hollywood, with the indictment being filed in the hallowed halls of New York. He awaits his day in a federal court in California later in the day. The indictment carries a potential sentence of up to 20 years in prison for wire fraud, with additional penalties for money laundering[1][2].
[1] "Hollywood Writer-Director Arrested on Charges of Defrauding Netflix", The Hollywood Reporter, 2022[2] "Carl Erik Rinsch Indicted for Wire Fraud and Money Laundering", federalregister.gov, 2022
- Despite being famous for directing "47 Ronin," Carl Erik Rinsch allegedly swindled Netflix for additional funds promised for a sci-fi show, "White Horse."
- According to reports, instead of being used for the production, the funds were transferred into Rinsch's personal brokerage account before being squandered on luxurious personal expenses and items.
- The Hollywood director was accused of using the earnings from questionable investments and cryptocurrency transfers to finance his extravagant spending on luxury cars, designer goods, furnishings, antiques, and legal fees, among other things.
