Director Sentenced for Defrauding Netflix with $11M Crypto Bet

Carl Rinsch, director of the 2013 film '47 Ronin', has been sentenced to 30 months in prison for defrauding Netflix out of $11 million meant to finish a sci-fi series. Instead of delivering the show, 'White Horse' later retitled 'Conquest,' Rinsch moved most of the money into his personal brokerage account and gambled with speculative options.

Rinsch lost $5.9 million within weeks on these bets, but then turned more than $4 million into nearly $27 million by investing in Dogecoin through exchange Kraken in May 2021. He immediately cashed out the windfall, funding a lavish spending spree that included five Rolls-Royces and a Ferrari.

Rinsch also spent millions on furniture, antiques, designer clothing, and other luxury goods totaling $8.7 million. However, he did not return the money to Netflix as required by their agreement and instead sued them for over $14 million in additional funds. An arbitrator ultimately ruled against him.