Hollywood Director Carl Erik Rinsch Convicted for $11 Million Netflix Scam
Hollywood director Carl Erik Rinsch was convicted of scamming Netflix out of $11 million, diverting funds for a sci-fi show to luxury purchases and personal debts.
HuffPostDirector Convicted Of Scamming $11M From Netflix And Going On Lavish Spending Spree
Daily CallerJury Convicts '47 Ronin' Director Of Stealing Millions Meant For Sci-Fi Show
CBS NewsDirector Carl Rinsch found guilty of scamming $11M from Netflix and buying luxury cars, watches and mattresses
Overview
Hollywood director Carl Erik Rinsch was convicted of wire fraud and money laundering for diverting $11 million from Netflix, intended for his sci-fi series "White Horse."
Netflix paid Rinsch $55 million for the show, providing an additional $11 million for completion, which he diverted for personal gain instead.
Rinsch transferred the $11 million to his personal account, losing half in failed investments before investing the remainder in cryptocurrency, making a profit.
Prosecutors detailed Rinsch's extravagant spending, including five Rolls-Royces, a Ferrari, $652,000 on watches and clothes, and $933,000 on luxury mattresses.
He also used the misappropriated funds to pay off $1.8 million in credit card debt, with his sentencing for these financial crimes scheduled for April.
Analysis
Center-leaning sources cover this story neutrally, focusing on the factual reporting of Carl Rinsch's conviction for defrauding Netflix. They present details from the prosecution regarding his misuse of funds for lavish purchases while also including the defense attorney's counter-argument, ensuring a balanced account of the legal proceedings without editorializing.