Carl Erik Rinsch's crypto adventures ended in a prison sentence after he was convicted of diverting $11 million intended for his science-fiction TV show, White Horse. The money was paid by a streaming service between 2018 and 2020 to complete the project.
Rinsch initially received $44 million from the company but then requested an additional $11 million in March 2020, claiming it was needed to finish production.
Prosecutors say Rinsch quickly diverted the funds into his personal brokerage account, where they were used for speculative stock options trading and cryptocurrency investments.
The money was burned through rapidly, with over half of it disappearing within two months. The remaining funds were spent on luxury items such as five Rolls Royces, a red Ferrari, and designer clothes.