Director Arrested for Allegedly Defrauding Netflix

Hollywood director Carl Erik Rinsch, known for the film '47 Ronin,' was arrested on charges of wire fraud and money laundering after allegedly defrauding Netflix out of $11 million intended for a sci-fi series titled 'White Horse.' Instead of completing the show, Rinsch reportedly misused the funds on failed stock investments and cryptocurrency, followed by lavish personal expenses, including luxury cars and high-end purchases. Netflix had initially funded the project with $44 million and later approved an additional $11 million, which was never used for its intended purpose. Authorities allege that Rinsch's actions resulted in a personal spending spree amounting to around $10 million. The indictment was filed in New York, while Rinsch was arrested in West Hollywood and is set to appear in California federal court. The case has raised questions about financial oversight in Hollywood's multi-million-dollar streaming deals.