Carl Erik Rinsch, the director of the 2013 film 47 Ronin starring Keanu Reeves, has been found guilty of defrauding Netflix of $11 million. He used the money for risky cryptocurrency investments and expensive personal purchases.
Federal prosecutors announced on Thursday, December 11th, that Rinsch was convicted for his involvement in a scam related to funds intended to complete his sci-fi series, White Horse.
The funds were intended to cover production costs and ensure the completion of the project.
Prosecutors say Rinsch used the funds for personal spending and lavish purchases, including over $1.7 million on credit card payments, at least $3.3 million on furniture, antiques, and mattresses, a Swiss watch costing at least $387,000, and five Rolls Royces plus a Ferrari, totaling at least $2.4 million.
Okay, so here’s the deal: this individual faced some very serious charges. They were found guilty of wire fraud and money laundering, both of which could have landed them up to 20 years in prison. On top of that, they were convicted of five counts related to using money they obtained illegally, and each of those charges carried a potential 10-year sentence. It’s a complex situation, but essentially, they were looking at a lot of time behind bars.
U.S. Attorney Jay Clayton stated that today’s guilty verdict demonstrates their commitment to pursuing and holding accountable those who defraud investors, specifically referencing Rinsch’s dealings with risky stock options and cryptocurrency.
Rinsch, who is being represented by both private lawyers and public defenders, will be sentenced on April 17, 2026.
Prosecutors said he intentionally planned and carried out a scheme to defraud others, using false pretenses to obtain money and property.
During the court case, Rinsch explained that the money from Netflix – along with over ten million dollars he’d already been given for the incomplete ‘White Horse/Conquest’ series – was intended to cover his personal investment in the project.
He explained that Keanu Reeves starring in 47 Ronin was key to getting Netflix’s support, and he plans to leverage existing film footage to try and create a second season.
Cindy Holland, formerly of Netflix and now with Paramount, and Peter Friedlander also gave testimony detailing what the company anticipated from the series.
The jury ultimately rejected Rinsch’s defense.
According to court documents, Rinsch faces serious federal charges, including wire fraud and money laundering, each of which could result in up to 20 years in prison. He is also charged with five counts related to illegally obtained money, with each of those carrying a potential sentence of up to 10 years.
After the Department of Justice indictment in March, Rinsch was released on a $100,000 bond.
He’s also fighting a decision that says he owes Netflix money for things like cars, investments, food, and other personal purchases. Netflix hasn’t made any public statement about the ruling.
In 2018, Holland purchased White Horse – which was later rebranded as Conquest – from Amazon for more than $61 million, according to court records.
Rinsch was given around $44 million to work with and had the final say on the creative direction. Later, in 2020, he asked for another $11 million to finish the project.
‘The entirety of those funds was to be spent on the completion of White Horse,’ prosecutors said.
Almost immediately, Rinsch moved the money he received through several bank accounts, eventually combining it into a personal investment account.
Officials stated that Rinsch then used the money to buy various personal investments and risky securities.
RINSCH quickly lost a significant portion of an $11 million investment from Streaming Company-1, losing over half the funds within two months due to unsuccessful trading.
Despite creating just a handful of short previews, Netflix canceled the project by 2021, resulting in a loss of over $55 million.
This year, the streamer was awarded $12 million in a legal dispute with Rinsch, who had originally claimed he was owed $14 million.
Court proceedings showed he has yet to repay any of the funds.
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2025-12-12 17:53