US prosecutors have accused Carl Erik Rinsch of spending $11 million worth of Netflix’s funds on stocks and crypto instead of finishing a science fiction TV show he was producing.
US federal authorities have arrested and indicted a filmmaker, accusing him of spending $11 million given by Netflix to gamble on stocks and crypto instead of using it to finance a science fiction TV show.
The Department of Justice said in an indictment unsealed in a Manhattan federal court on March 18 that it had charged Carl Erik Rinsch with fraud and money laundering, and he could face upward of 20 years in prison.
The DOJ alleged that Netflix, which wasn’t named in the complaint, gave Rinsch $11 million in March 2020 to finance the storyboarding, pay actors and edit footage for the sci-fi TV show “White Horse” — later renamed “Conquest.”
