Hollywood director Carl Erik Rinsch has been arrested for allegedly scamming Netflix out of $11 million. Authorities say he promised to finish a sci-fi show, “White Horse,” but instead spent the cash on luxury cars, antiques, and cryptocurrency.
Prosecutors claim Netflix initially paid Rinsch $44 million but later sent him an extra $11 million to complete the project. Instead of finishing the show, Rinsch reportedly moved the money to a personal brokerage account and made risky investments.
Half of the funds were lost in two months, while the rest went into cryptocurrency. The crypto investments paid off, and Rinsch transferred the profits to his personal bank account, court documents reveal.
He then went on a lavish spending spree, buying five Rolls-Royces, a Ferrari, and spending millions on furniture, watches, and legal bills. He even used some of the money to sue Netflix for more funds.
Rinsch was arrested in West Hollywood and appeared in a Los Angeles courtroom in shackles. He did not enter a plea but acknowledged understanding the charges against him.
A judge released him on a $100,000 bond, and he will face trial in New York. His lawyer declined to comment, and Netflix has remained silent on the case.