A filmmaker has been found guilty in the USA of embezzling millions of dollars. Instead of investing the money in a series, he used it to finance a luxurious lifestyle. The series itself has never been released.
A jury in Manhattan found filmmaker Carl Rinsch guilty of defrauding Netflix of 11 million dollars. This was reported by the English-language magazine Techspot.com.
Rinsch allegedly embezzled millions and funneled it into his own account. With the money, he reportedly funded various luxury purchases and speculated with cryptocurrencies. All offenses can be found in the official press release from the United States Attorney’s Office for the Southern District of New York.
Netflix invested millions in a science fiction series that never aired
What was the series supposed to be about? Rinsch was commissioned by Netflix in 2018 to produce a science fiction series titled “Conquest,” which was originally supposed to be called “White Horse.” Over the course of two years, 44 million dollars flowed from Netflix into Rinsch’s production company to develop the series.
In 2020, Rinsch eventually demanded an additional 11 million dollars, claiming it was necessary to complete the production. However, the prosecution uncovered that Rinsch allegedly embezzled these millions: He reportedly diverted the money through other bank accounts and ultimately transferred it to his own account.
What was he supposed to spend the money on? The U.S. Attorney’s Office lists some items where these 11 million dollars allegedly went.
- 3.3 million dollars were allegedly spent on furniture, antiques, and mattresses.
- 2.4 million dollars were allegedly paid for a red Ferrari and five Rolls-Royce models.
- Additionally, 1.7 million dollars for various credit card bills.
- Furthermore, he is said to have paid about 387,000 dollars for a Swiss watch.
- Additionally, he reportedly invested a lot of money in various cryptocurrencies, with varying degrees of success.
What happened to the series? Netflix ultimately canceled the series Conquest in 2021 and wrote off the losses after Rinsch and his company failed to meet the production goals. The streaming giant wrote off a total of 55 million dollars that it had provided, with no funds returned from Rinsch.
How did the case end? The defendant pleaded not guilty. However, the jury concluded that he was guilty and convicted him of one count of wire fraud, one count of money laundering, and five counts of transactions involving illegal property.
He faces up to 90 years in prison, with sentencing scheduled for April 17, 2026.
A 35-year-old today is the head of a successful development studio. Yet 17 years ago, doctors gave him only a few hours to live. He reports on what has kept him alive, including games like World of Warcraft and League of Legends. That’s why he wanted to develop video games himself: At 18, doctors gave him three hours to live: He played video games and now has a studio that generates 10 million dollars annually
