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Film director Carl Erik Rinsch seems to have landed in hot water. He has been indicted by the Justice Department on the grounds of money laundering and fraud. He allegedly secured $11 million from Netflix for a science fiction series, White Horse, but the show never saw the light of day.
On March 18, 2025, Rinsch was arrested. As per reports, he used the money to buy cars, mattresses, and furniture. Additionally, he used the money to pay for hotels and allegedly paid lawyers to seek legal action against Netflix. Attorney Matthew Podolsky shared a statement:
“As alleged, Carl Erik Rinsch orchestrated a scheme to steal millions by soliciting a large investment from a video streaming service, claiming that money would be used to finance a television show that he was creating.”
The statement continued:
“But that was fiction. Rinsch instead allegedly used the funds on personal expenses and investments, including highly speculative options and cryptocurrency trading.”
It is noteworthy that the indictment does not explicitly list Netflix as the company in question but only mentions “Streaming Company-I.”
Court records show that in 2018, Rinsch pitched a series called Conquest to Netflix, with financial backing from Keanu Reeves. Netflix agreed to fund the project with $44 million, planning for filming in multiple countries. However, Rinsch quickly exceeded the budget, delivering only one episode instead of the promised seven. The indictment states:
“Carl Erik Rinsch, the defendant, never completed White Horse and never returned the fraudulently obtained funds to Streaming Company-I.”
Carl Erik Rinsch reportedly failed to provide an update about the series' progress
Production faced delays, and Netflix provided an additional $11 million in 2020. Shortly after, the pandemic halted filming. When Netflix executives met with Carl Erik Rinsch for an update, he focused on unrelated topics rather than the show, leading them to conclude he had no plans to finish it. The lead actor also dropped out, and Netflix eventually wrote off the project.
Instead of using the extra funding for production, Rinsch transferred most of it to his brokerage account, losing a large portion on risky investments. He later invested in cryptocurrency, making significant profits, and spent lavishly on luxury items, cars, and legal fees. The indictment states:
“In or about February 2021, Carl Erik Rinsch, the defendant, then transmitted the remaining funds to a cryptocurrency exchange, where he used the funds to purchase millions of dollars in cryptocurrency.”
Moreover:
“Over the course of the next several months, Rinsch made several million dollars trading that cryptocurrency, and used those funds for personal expenses and to, purchase luxury goods, including five Rolls-Royces and a Ferrari. Rinsch never delivered a completed television show to Streaming Company-1 and never returned the funds to Streaming Company-I.”
An arbitrator determined last year that Carl Erik Rinsch was responsible for nearly $12 million in damages and legal fees. As per a press release from the attorney's office, the charges include wire fraud and money laundering, both carrying a potential 20-year prison sentence.
He is also charged with five counts of conducting financial transactions using money obtained illegally, each carrying a maximum sentence of 10 years.
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