"Carl Erik Rinsch had already burned through more than $44 million of Netflix's money when the streaming giant wired him an additional $11 million in March 2020 to finish a sci-fi series called "White Horse." But according to the federal indictment, the show was never completed. And not a single episode aired. Instead, federal prosecutors say Rinsch diverted nearly all those funds into personal brokerage accounts, lost half of it on speculative stock trades."
"made it back through cryptocurrency, and then went on a massive shopping spree that included five Rolls-Royces, one Ferrari, and two handcrafted Swedish mattresses that together cost $638,000. Rinsch, 48, attended his trial in a Manhattan federal courtroom early Tuesday, facing charges of wire fraud, money laundering, and unlawful monetary transactions that carry a combined maximum penalty of 90 years in prison. He has pleaded not guilty and declined to discuss a plea deal."
Netflix advanced more funds to complete a sci-fi series after already funding tens of millions, but the series was never finished and no episodes aired. Federal prosecutors allege the director diverted nearly all production money into personal brokerage accounts, lost about half in speculative stock trades, then recouped funds through cryptocurrency and spent heavily on luxury vehicles and expensive mattresses. The director attended a Manhattan federal trial facing charges including wire fraud, money laundering, and unlawful monetary transactions with a combined maximum sentence of up to 90 years, and has pleaded not guilty.
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