Hollywood Director Carl Rinsch Found Guilty of Misappropriating $11M in Netflix Funds for Cryptocurrency Investments

Carl Rinsch's Fraud Case: Hollywood director Carl Rinsch was convicted of defrauding Netflix by diverting $11 million intended for a science fiction series into personal luxury spending and cryptocurrency investments, leading to significant financial losses.

Misuse of Funds: Instead of using the funds for the production of the series "Conquest," Rinsch moved the money through multiple accounts and lost over half of it within two months, spending on luxury items and high-risk investments.

Conviction and Sentencing: Rinsch faces multiple charges, including wire fraud and money laundering, with a potential total prison sentence of up to 90 years; sentencing is scheduled for April 2026.

Impact on Netflix: Netflix canceled the series "Conquest" in 2021 after Rinsch failed to meet production targets, resulting in a loss of $55 million for the company, with no funds recovered.