A Hollywood filmmaker, known for directing the Keanu Reeves-starring samurai epic “47 Ronin,” has been arrested and charged with multiple counts of fraud. Authorities allege Carl Erik Rinsch bilked millions from Netflix for a television show that was promised but never came to fruition.
Rinsch was arrested earlier this week in West Hollywood and subsequently appeared in federal court. There, he faced several charges related to defrauding the streaming giant, according to the U.S. Department of Justice.
Rinsch, 47, who has credits including various short films and commercials, was hired by Netflix in 2018 to produce a sci-fi series titled “White Horse.” The DOJ stated that despite Netflix investing $44 million in the project, the show was only partially completed. Netflix then agreed to allocate an additional $11 million to a company controlled by Rinsch to purchase the episodes and finish the show. However, prosecutors claim that Rinsch did not use the money to complete the project.
Instead, the funds were allegedly utilized to facilitate his lifestyle and make unsuccessful investments. It is alleged that Rinsch transferred the funds to different bank accounts shortly after receiving the Netflix money before consolidating them into a brokerage account. He then used those funds to purchase securities and cryptocurrencies, resulting in failed investments.
The DOJ reports that “in less than two months after receiving $11 million … Rinsch had lost more than half of those funds”. Remaining cash was supposedly used to cover personal expenses, including hundreds of thousands of dollars on luxury hotel stays and vacation rental properties, over $3.7 million on furniture and antiques, approximately $1 million on beds and linen, and five Rolls-Royces and a Ferrari totaling more than $2.4 million. Rinsch also spent about $650,000 on watches and clothing.
The series was never finished, and the funds were not returned, according to charging documents.
Rinsch, who resides in Los Angeles, has been charged with wire fraud, money laundering, as well as other counts connected to the scheme. If convicted, he could face several decades in prison. The FBI investigated the case.
U.S. Attorney Matthew Podolsky called Rinsch’s arrest a firm reminder that the DOJ and the FBI “remain vigilant in the fight against fraud and will bring those who cheat and steal to justice.”
“47 Ronin,” Rinsch’s only directorial endeavor to make it to theaters, has a 16% rating on Rotten Tomatoes.
