Director Charged With Netflix Fraud After Splurging on Crypto Instead of Finishing Sci-fi Series (npr.org) 15
Hollywood filmmaker Carl Erik Rinsch has been charged with defrauding Netflix of $11 million after allegedly misusing funds intended for an unfinished science fiction series, federal prosecutors said.
Rinsch, 47, was arrested in West Hollywood this week on charges of wire fraud, money laundering and unlawful monetary transactions that could result in decades of imprisonment if convicted. The FBI and Acting U.S. Attorney for the Southern District of New York allege Rinsch diverted funds meant for his series "Conquest" to speculate on cryptocurrency, stay in luxury hotels and purchase high-end items including five Rolls-Royces and a Ferrari.
Netflix had paid Rinsch $44 million between 2018 and 2019 for the science fiction project about an artificial humanlike species. Prosecutors say he then requested an additional $11 million but never completed the production. An arbitrator ruled in Netflix's favor last year, ordering Rinsch to pay the company $11.8 million. Rinsch appeared in federal court with shackles and posted a $100,000 bond.
Rinsch, 47, was arrested in West Hollywood this week on charges of wire fraud, money laundering and unlawful monetary transactions that could result in decades of imprisonment if convicted. The FBI and Acting U.S. Attorney for the Southern District of New York allege Rinsch diverted funds meant for his series "Conquest" to speculate on cryptocurrency, stay in luxury hotels and purchase high-end items including five Rolls-Royces and a Ferrari.
Netflix had paid Rinsch $44 million between 2018 and 2019 for the science fiction project about an artificial humanlike species. Prosecutors say he then requested an additional $11 million but never completed the production. An arbitrator ruled in Netflix's favor last year, ordering Rinsch to pay the company $11.8 million. Rinsch appeared in federal court with shackles and posted a $100,000 bond.
Let me guess... (Score:2)
He only got caught because of the rolls.
People gonna notice that man.
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Eat the rich (Score:1)
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He sold it in March 2021 during peak Elon DOGE mania, and made a cool $36.7 millino profit off the $4 million....
But he legit lost $6 million of Netflix's money in 2018 gambling on a recession hitting that never came.
When Netflix found out about the $36 million profit, supposedly $44 million on the blockchain at one point, that's when they initiaed the legal proceedings.
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That crypto better be $TRUMP coin... (Score:2)
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https://crypto.news/47-ronin-director-allegedly-scammed-11m-from-netflix-to-buy-doge-other-crypto/
Why so long to charge him? (Score:3)
It's been like 5+ years .. how long does it take them to figure this stuff out?
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Good question. The delay is a proxy for corruption, in the same way the size of the tax code is a proxy for corruption. It takes a while to ensure that only the disposable people are going to get hurt in such a prosecution.
Yes but Netflix now has an even better script (Score:2)
Hey Rinsch (Score:2)