Carl Rinsch was convicted of wire fraud and money laundering for allegedly scamming Netflix out of $11 million. Netflix provided the funds in 2018 for a 12-episode series initially titled White Horse and later renamed Conquest. Court documents state that Rinsch quickly transferred money to personal accounts, then lost most of it within two months through stock market speculation and extremely risky purchases. Rinsch told Netflix that production was progressing well, while later moving remaining funds into cryptocurrency, which generated profits. Reeves wrote to the judge seeking a sentence tempered with leniency and mercy, while acknowledging Reeves did not know the case details.
"Keanu Reeves wrote a letter to the judge saying that, while he "did not know the details" of the case, he hoped that his sentence "might be tempered with measures of leniency and mercy as well as justice"."
"In my opinion, Carl can self-sabotage by amplifying the scale, scope and landscape of what had been negotiated, accordingly placing himself and his counterparties at odds. "I do not intend to share this as an excuse or diminishment of what he has been found to have done, but offer this solely as perhaps an insight into why.""
"In March 2020, Netflix sent Rinsch $11m (£8.2m), according to court documents. But he allegedly quickly transferred those funds to personal accounts. Within two months, Rinsch lost "most of the money through speculation on the stock market", having made "extremely risky purchases," according to court documents seen by The Independent."
"Meanwhile, Rinsch told Netflix that production on White Horse was "awesome and moving forward really well," court documents stated. The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move, with Rinsch eventually transferring the earnings into a personal bank account, according to an indictment."
Read at The Independent
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