Netflix Director Carl Rinsch has been arrested for allegedly misusing $11 million meant for a series production, redirecting the funds to cryptocurrencies and personal luxury expenses.
Arrest and Charges
Carl Rinsch, known for directing '47 Ronin', was arrested in West Hollywood on March 18 for charges of wire fraud and money laundering. Prosecutors claim that between 2019 and 2020, he requested an additional $11 million from Netflix, supposedly for completing his sci-fi series 'White Horse', but instead he deposited the funds into his personal brokerage account for stock and crypto trading.
Dogecoin Speculations
According to The New York Times, despite initial losses, Carl Rinsch saw a major turnaround in 2021 when he invested $4 million in Dogecoin via the Kraken exchange, seeing his crypto investments peak at $27 million. Rather than paying back Netflix or finishing the project, he used the proceeds for extravagant purchases like furniture, luxury cars, and watches.
Consequences and Potential Punishment
Carl Rinsch faces charges of wire fraud, money laundering, and financial crimes, potentially resulting in a 90-year prison sentence. Although released on $100,000 bail, he is required to appear in court in New York, while Netflix never received the completed 'White Horse' series.
The Rinsch case sheds light on issues of financial oversight in the entertainment industry and highlights the risks associated with cryptocurrency investments. This proceeding could set a precedent for stricter financial audits in media financing.
