Film director Carl Rinsch has been found guilty of fraud and money laundering after misusing tens of millions of dollars provided by Netflix to produce a science-fiction series titled White Horse. Netflix initially transferred $44 million for production, later adding another $11 million after Rinsch claimed he needed additional funding to finish the project.
Instead of completing the series, Rinsch diverted the funds to personal accounts between late 2019 and early 2020. Court filings show the money was spent on speculative investments, including stocks and cryptocurrencies, as well as luxury purchases such as multiple Rolls-Royce cars, a Ferrari, high-end watches, designer clothing, and expensive household items.
Rinsch reportedly lost about half of the funds invested in equities, while the results of his crypto trading were not disclosed. The judge ruled that the transfers constituted deliberate financial misconduct rather than production expenses.