Hollywood director scams Netflix out of $11 million to buy cryptocurrency and is found guilty

Carl Rinsch, director of "47 Ronin," was found guilty on seven counts, including wire fraud, money laundering, and illegal fund transactions, for scamming Netflix out of $11 million. Rinsch was originally commissioned to produce the sci-fi series "Conquest," but he transferred the additional production funds into his personal account for cryptocurrency speculation and the purchase of luxury items, including multiple Rolls-Royces, Ferraris, luxury furniture, and designer watches. Netflix has canceled the project and written off a $55 million investment. Rinsch faces a maximum sentence of 90 years and will be formally sentenced on April 17, 2026.