Director Charged with $11 Million Fraud Against Netflix

Carl Erik Rinsch, a Hollywood director, has been charged with defrauding Netflix of $11 million intended for his sci-fi series, White Horse. Prosecutors allege he used the funds for personal expenses, including luxury cars, extravagant purchases, and even legal fees for his divorce, rather than completing the series. Rinsch allegedly misled Netflix about the production progress and squandered much of the money on high-risk investments in cryptocurrency and stocks. The indictment claims he transferred substantial amounts to his personal accounts, with one instance involving a quick loss of half the funds through speculative trades. Facing multiple charges including wire fraud and money laundering, Rinsch could face up to 90 years in prison if convicted. This case highlights the ongoing vigilance of authorities against fraudulent schemes in the entertainment industry.