Film Industry Filmmaker Found Guilty of Defrauding Platform Netflix For Millions over Non-Existent Show
A prominent Hollywood director was convicted this week for masterminding a plot that swindled the entertainment platform Netflix out of a staggering $11 million earmarked for a television series that was never produced, prosecutors said.
Details of the Case
The director, best known for directing the movie *47 Ronin* featuring the actor Keanu Reeves, was found guilty on multiple charges including financial fraud and money laundering, as per legal documents and federal prosecutors in New York.
"This verdict shows that if an individual steals from investors, we will follow the money and hold them accountable," said a U.S. attorney.
Reported Fraudulent Plan
Prosecutors alleged that Netflix had initially disbursed Rinsch approximately $44 million for an incomplete sci-fi series called *White Horse*. Later, the streamer provided an further payment after he asserted he required more funding to complete production.
However, instead of allocating the money for the series, Rinsch redirected the cash to a personal account. There, he made a series of unsuccessful investments, squandering roughly half of the multi-million dollar sum within a few months, according to the case.
Lavish Spending with Company Money
Following the failed investments, Rinsch allegedly placed the leftover money into the cryptocurrency market, making some gains. But, he then transferred those proceeds into his personal bank account.
What followed next involved significant luxury spending. Prosecutors outlined acquisitions that included:
- 5 Rolls-Royce automobiles and a sports car.
- More than $652,000 on designer watches and clothing.
- Two custom mattresses for approximately $638,000.
- A further two hundred and ninety-five thousand dollars on high-end linens and home furnishings.
Furthermore, he allegedly used some of the money to pay off about $1.8 million in personal debt balances.
Court Response and Sentencing
In a comment, Rinsch's attorney voiced disagreement with the outcome, arguing it "could set a dangerous precedent for artists who become embroiled in contractual and creative disagreements with their financial backers."
Rinsch, forty-eight, never completed the show. His sentencing date is scheduled for this spring. The streaming platform declined to comment on the matter.
