Carl Erik Rinsch ARRESTED in $11 Million fraud over unfinished sci-fi web series - Deets inside

Carl Erik Rinsch, the director of '47 Ronin,' has been arrested for deceiving Netflix for $11 million for a sci-fi show that never aired. On the charges of wire fraud, and money laundering, Rinsch was taken into arrest on Tuesday in Los Angeles.
According to the indictment, the Hollywood director stole the money to finance his luxurious purchases and personal investments, duping the streaming platform, stated the Hollywood Reporter
Previously, the $44 million was cashed for the project ‘White Horse.’ However, Carl demanded an additional $11 million in 2020 to complete his project which needed pre and post-production refinements. A year later with absolutely no improvements in the projects, Netflix stopped the production.
Rather than using the additional money to complete the production, Rinsch allegedly transferred the money into his personal brokerage account but made the wrong investment choices and lost a couple of millions, according to the prosecutors.
Later, Carl invested the remaining money in cryptocurrency - which turned out to be a profitable choice for him and transferred it to his account. The bills that he spent after the profit include - $1.8 million on credit card bills, approximately $395,000 to stay at the Four Seasons Hotel and other luxurious rental properties, $3.8 million on furniture and antiques, $2.4 million for purchasing 5 Rolls Royces and a Ferrari, $652,000 on watches and clothing, and $1 million for hiring a lawyer to sue Streaming Company-1 (Netflix) for even more money, according to Deadline.
The 47-year-old director is charged with wire fraud which has a maximum sentence of 20 years in prison, money laundering which has a maximum sentence of 20 years, and five counts of engaging in monetary transactions in property derived from specified unlawful activity, each of which has a maximum sentence of 10 years in prison, according to U.S. Attorney’s office for the Southern District of New York.