A Hollywood filmmaker has been arrested for allegedly misusing millions of dollars intended for a Netflix-backed sci-fi series, instead spending the funds on risky investments, luxury cars, and extravagant personal purchases.
Carl Erik Rinsch, best known for directing “47 Ronin”, was taken into custody in Los Angeles after a grand jury indictment accused him of fraudulently acquiring $11 million from a streaming company, widely believed to be Netflix.
Prosecutors claim that instead of completing the long-delayed project, Rinsch used the funds to gamble on the stock market, trade cryptocurrency, and fund a lavish lifestyle.
If convicted, he faces up to 90 years in prison.
Federal prosecutors allege Rinsch engaged in a calculated scheme to obtain additional funding under false pretences.
The indictment claims he secured approximately $44 million between 2018 and 2019 to develop a series titled “White Horse”, later renamed “Conquest”.
However, despite the substantial financial backing, no episodes were ever delivered.
By March 2020, Rinsch allegedly requested a further $11 million, insisting the additional funds were necessary to complete the series.
Carl Erik Rinsch, an American film director, is best known for directing the 2013 film “47 Ronin”, a $175 million production that faced critical and commercial failure.
Instead, court documents reveal he moved a significant portion of the money into a personal brokerage account, where he made highly speculative stock trades.
His investments quickly turned disastrous, with more than half of the funds lost within two months.
Prosecutors stated in the indictment,
"Rinsch’s trades were not successful, and in less than two months after receiving $11 million from Streaming Company-1, RINSCH had lost more than half of those funds."
Despite the financial losses, Rinsch reportedly assured Netflix that production was progressing well.
After suffering heavy losses in the stock market, Rinsch allegedly pivoted to cryptocurrency, transferring the remaining funds into an exchange account.
Unlike his failed stock trades, his crypto investments turned a profit.
Between June 2021 and November 2022, he is accused of moving the gains into a personal bank account, where he embarked on a multi-million-dollar spending spree.
The indictment outlines extravagant purchases, including:
During this time, Rinsch was also battling divorce proceedings and mounting legal troubles.
Prosecutors claim he never made any attempt to refund the misused funds.
“White Horse” was initially envisioned as an ambitious sci-fi project, with Rinsch beginning production as early as 2016.
He partnered with two media companies to produce short-form episodes before securing a deal with Netflix in 2018.
Still images of “White Horse” (Source: Justice.gov)
However, by 2023, an investigative report by “The New York Times” revealed a troubling pattern of erratic behaviour and extravagant spending.
Cast and crew members alleged that Rinsch became increasingly unstable, making bizarre claims about Covid-19 transmission while failing to complete the show.
Rinsch declined to comment on the allegations at the time, instead posting on Instagram, which has been deleted, that the report would be "inaccurate" and suggesting the media would “discuss the fact that I somehow lost my mind…”
He dismissed such claims, continuing:
“(Spoiler alert) … I did not.”
Rinsch was arrested in West Hollywood and is set to face legal proceedings in a New York federal court.
While a previous attorney for Rinsch has distanced themselves from the case, it remains unclear if he has retained new legal representation.
Netflix, which reportedly invested over $55 million in “White Horse”, has declined to comment on the case.
Authorities allege that Rinsch never intended to complete the series and instead orchestrated a scheme to deceive investors, redirecting their money for personal use.
Acting U.S. Attorney Matthew Podolsky summarised the charges:
"Rinsch instead allegedly used the funds on personal expenses and investments, including highly speculative options and cryptocurrency trading."
With the filmmaker now facing multiple counts of wire fraud, money laundering, and financial misconduct, his Hollywood ambitions have come crashing down in a dramatic legal battle.
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