Hollywood writer-director Carl Erik Rinsch was arrested for allegedly swindling $11 million from Netflix for a sci-fi show that never aired, using the money for cryptocurrency investments and luxury purchases. Rinsch transferred the extra cash to a personal brokerage account and made failed investments, losing half of the money in two months before turning to the cryptocurrency market.
Rinsch spent about $10 million on personal expenses and luxury items, including credit card bills, lawyers, furniture, antiques, Rolls-Royces, a Ferrari, watches, and clothes. He was arrested in West Hollywood, California, and appeared in court in Los Angeles wearing shackles. Rinsch did not enter a plea but agreed to post a $100,000 bond for his release.
Rinsch’s attorney declined to comment on the case, stating that the allegations were purely financial. His New York court date had not yet been set, and Netflix declined to comment on the situation. Rinsch faces charges of wire fraud and money laundering for his alleged scheme to defraud the streaming giant.
