Hollywood filmmaker Carl Erik Rinsch, best known for directing 47 Ronin, has been arrested on charges of defrauding Netflix of millions of dollars intended for a sci-fi series that was never completed. Prosecutors claim that instead of finishing the project, Rinsch allegedly splurged the funds on cryptocurrency, luxury cars, and high-end antiques.
According to court documents, Netflix had initially paid Rinsch $44 million to produce White Horse, a sci-fi series that never materialized. Later, Rinsch requested an additional $11 million, which Netflix approved under the assumption that it would be used to complete the series. However, authorities allege that he diverted the money into his personal brokerage account, where he quickly lost almost half of it through failed investments.
Investigators say Rinsch then shifted the remaining funds into cryptocurrency, making a substantial profit before cashing out into his personal bank account. Instead of putting the money back into the project, he allegedly went on an extravagant spending spree, purchasing five Rolls-Royces, a Ferrari, designer clothing, and watches worth over $650,000. Additionally, he reportedly spent $1.8 million on credit card payments, $1 million on legal fees to sue Netflix for more money, and $3.7 million on luxury furniture and antiques.
Rinsch, 47, was arrested in West Hollywood and is expected to appear in federal court in California, with his indictment filed in New York. While Netflix has declined to comment on the situation, the case has raised concerns about Hollywood’s financial oversight and how streaming giants manage multi-million-dollar production deals.
Authorities continue to investigate whether more financial irregularities were involved in the now-defunct White Horse project, which was supposed to be one of Netflix’s major sci-fi productions.