Hollywood filmmaker Carl Erik Rinsch has been sentenced to 30 months in prison after being found guilty of defrauding Netflix of $11 million meant for the production of an unfinished TV series.
According to U.S. prosecutors, Netflix had already paid Rinsch $44 million for the sci-fi series White Horse before approving an additional $11 million in 2020 after he requested more funding to complete the project.
Instead of using the money for production, prosecutors said Rinsch invested large sums in risky stock options and cryptocurrency, losing more than half of the funds within two months.
Authorities also revealed that he spent the remaining money on luxury purchases, including millions of dollars on furniture, antiques, credit card bills, luxury watches, five Rolls-Royce cars and a Ferrari.
The series was never completed, and Rinsch was later convicted on multiple counts, including wire fraud and money laundering. In addition to his prison sentence, the court ordered him to forfeit $11 million.
Before sentencing, Keanu Reeves, who worked with Rinsch on 47 Ronin, submitted a letter asking the court to show mercy, describing the director as a talented artist while acknowledging that justice should still take its course.