Hollywood director arrested for allegedly defrauding Netflix of $11 million in stock and cryptocurrency investments

According to The Block, Hollywood director Carl Erik Rinsch was arrested on March 19th in West Hollywood and charged with fraud and money laundering, with a total amount of $11 million involved. Rinsch was accused of defrauding a video streaming service company (reported by multiple media outlets including The Associated Press as Netflix) in relation to a science fiction series called "White Horse," which ultimately failed to air. The indictment shows that Rinsch reached an agreement with Netflix in 2018 to receive $44 million in funding to produce the science fiction drama "White Horse". At the end of 2019, he requested an additional $11 million, but it was not used for the production of the series. Instead, it was transferred to his personal account to speculate on stocks and cryptocurrencies, resulting in a loss of over half of the funds within two months. He also used some of the funds for personal luxury consumption, including purchasing five Rolls Royces and one Ferrari. The New York Times previously reported that Rinsch increased his holdings of Dogecoin worth $4 million to $27 million in May 2021. At present, Rinsch, 47, faces multiple charges with a maximum sentence of 20 years in prison and has been released after paying a bail of $100000.