Hollywood director Carl Rinsch misappropriated Netflix investments to trade stocks and cryptocurrencies, once earning $27 million from Dogecoin, and now faces a 90-year sentence

Hollywood director Carl Rinsch, who directed Keanu Reeves in the 2013 film “47 Ronin,” embezzled Netflix $11 million in production funds to trade stocks and cryptocurrencies. On December 11, he was convicted by a jury in the Manhattan Federal Court of multiple felonies. Prosecutors allege that nearly all of the $11 million Netflix provided for the sci-fi series “White Horse” (later renamed “Conquest”) was transferred into his personal accounts and used for high-risk investments rather than the show’s production.

The jury found Rinsch guilty of wire fraud, money laundering, and five counts of illegal fund transactions. He faces a maximum sentence of 90 years in prison, with sentencing scheduled for April 17, 2026.

Previously profited $27 million from investing in Dogecoin

Prosecutors state that the $11 million was originally additional funding from Netflix during 2020-2021 for the sci-fi series “White Horse.” Netflix had already invested $44 million, but Rinsch requested more funds claiming he needed to complete post-production.

However, after receiving the funds, Rinsch quickly transferred the money into his personal brokerage account. He initially lost about $5.5 million in the stock market, then wagered the remaining approximately $4 million entirely on cryptocurrencies, with Dogecoin being the largest position.

According to a 2023 New York Times investigation, Rinsch cashed out Dogecoin at its peak in May 2021, turning $4 million into approximately $27 million, with nearly a sevenfold profit. However, he did not use this huge profit to compensate Netflix’s investment but instead spent wildly: buying five Rolls-Royces and one Ferrari totaling $2.4 million; high-end furniture and antiques worth $3.8 million, including a set of nearly $1 million handcrafted mattresses and bedding; luxury watches worth $650,000; credit card bills of at least $1.7 million; long-term stays at five-star hotels in California and Spain; and paying divorce-related expenses.

Ultimately, not a single episode of the series was delivered, and Netflix wrote off the entire $55 million investment as a loss.

Rinsch pleads not guilty

During the court hearing, Rinsch maintained his innocence, emphasizing that the $11 million was “compensation for the previous self-funded development phase,” and that the dispute was purely contractual with Netflix, not fraud. His defense attorney, Benjamin Zeman, criticized the verdict as “setting a dangerous precedent for disputes between creators and major platforms,” and stated that Rinsch was in a “mentally unwell” state due to pandemic stress and prescription drugs at the time.

The case quickly drew online attention, with the crypto community highly focused on the story of “using Netflix’s money to pump Dogecoin into wealth and then ending up in jail.” One netizen commented:

“Rinsch used Netflix’s money to buy Dogecoin and made $27 million, then blew it all on luxury cars and mattresses — this is the real ‘Ronin.’”

!Dongqu official website TG banner-1116 | Dongqu Trends - The most influential blockchain news media

📍 Related Reports 📍

BlackRock CEO publicly admits: Bitcoin isn’t just about crime; it’s a highly volatile fear asset

Ethereum fully illegal? New York prosecutors charge “MEV bot crimes”: nodes should uphold integrity, and ordering transactions is considered fraud and money laundering

Threats to privacy, breeding grounds for crime? Six misconceptions about blockchain privacy

Tags: Carl Rinsch, crypto, Dogecoin, Netflix, cryptocurrency, 47 Ronin, Hollywood, embezzlement, money laundering, Dogecoin scam