Hollywood filmmaker Carl Erik Rinsch, best known for directing 47 Ronin, has been charged with wire fraud and money laundering after allegedly defrauding Netflix out of $11 million.
Federal prosecutors say Rinsch misled the streaming giant into handing over extra funds to complete his sci-fi series White Horse, only to divert the money into cryptocurrency investments and extravagant personal purchases, including five Rolls-Royces and a Ferrari.
Rinsch had initially secured $44 million from Netflix but later requested an additional $11 million, claiming it was necessary to finish the project.
Instead, prosecutors allege he funneled the cash into a brokerage account, where he suffered major losses before turning to crypto trading.
The move paid off—at least temporarily—before he splurged $10 million on luxury goods, including high-end furniture, watches, clothing, and legal fees to sue Netflix for even more money.
The 47-year-old filmmaker was arrested in West Hollywood and is expected to appear in federal court in California.
His indictment was filed in New York. Netflix has declined to comment on the case.