Carl Erik Rinsch, a director best known for helming the 2013 movie “47 Ronin,” was arrested Tuesday in West Hollywood on suspicion of defrauding Netflix to the tune of $11 million.
The money, which was supposed to go toward finishing a TV show in which $44 million had already been invested, instead went into Rinsch’s personal accounts, his personal spending and his personal gains and losses, according to a federal court indictment filed earlier this month in the Southern District of New York.
Rinsch “quickly transferred” the $11 million from the Rinsch Co. account, where it had been deposited March 6, 2020, by Netflix, through a number of additional accounts until about $10.5 million wound up weeks later in a personal brokerage account, according to the indictment. The director proceeded to lose more than half of that money in less than two months via risky investments in the stock market, the indictment says.
All the while, the indictment alleges, Rinsch was telling Netflix that the show “White Horse” was “awesome and moving forward really well.”
Over the next couple of years, the director allegedly moved the remaining money into cryptocurrency and ultimately profited from crypto speculation. He then blew around $10 million, the indictment says, on five Rolls-Royces, a Ferrari, watches, clothing, luxury bedding and linens, credit card bills and attorneys to sue Netflix for more money and to work on his divorce. About $3.8 million was spent on furniture and antiques, including two mattresses that cost $638,000 total, the document said. The half-dozen cars cost a little over $2.4 million.
“White Horse” was supposed to be a sci-fi series about superintelligent clones who get banished to Brazil, where they develop their own advanced technology and come into conflict “with humans and each other,” the indictment says. The show was never completed.
Rinsch, 47, was arrested Tuesday in West Hollywood and appeared later in federal court wearing shackles and a turtleneck sweater over jeans. He was released later in the day after agreeing to post a $100,000 bond to guarantee his appearance in a New York federal court. He was not asked to enter a plea.
He has been indicted on one count of wire fraud, two counts of money laundering and four counts of engaging in monetary transactions related to illegal activity.
A court date had not yet been assigned.
The Associated Press contributed to this report.
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