TechFlow News, according to The Block, Hollywood director Carl Erik Rinsch was arrested on March 19 in West Hollywood and charged with fraud and money laundering involving $11 million. Rinsch is accused of defrauding a video streaming service—identified by multiple outlets including the Associated Press as Netflix—in connection with a sci-fi series titled "White Horse," which ultimately never aired.
The indictment states that in 2018, Rinsch reached an agreement with Netflix to receive $44 million to produce the sci-fi series "White Horse." By the end of 2019, he requested an additional $11 million, but instead of using the funds for production, he transferred the money into personal accounts to speculate in stocks and cryptocurrency, losing more than half within two months. He also used portions of the funds for lavish personal expenses, including the purchase of five Rolls-Royces and a Ferrari.
As previously reported by The New York Times, Rinsch increased his Dogecoin holdings from $4 million to $27 million in May 2021. The 47-year-old now faces multiple charges carrying a maximum sentence of 20 years in prison and has been released on a $100,000 bail.
