🔗 Share this article Film Industry Director Found Responsible of Defrauding Streaming Giant Netflix Out of Millions over Phantom Show A prominent Hollywood director was found guilty this week for masterminding a plot that swindled the streaming service Netflix out of an astonishing $11 million earmarked for a television series that was never produced, authorities said. Details of the Case Carl Rinsch, best known for helming the movie *47 Ronin* featuring the actor Keanu Reeves, was found guilty on multiple counts including wire fraud and concealing illicit funds, according to legal documents and government attorneys in New York. "Today's conviction shows that if an individual steals from investors, we will trace the funds and hold them accountable," stated the prosecutor. Reported Scheme Authorities claimed that Netflix had initially paid Rinsch around $44 million for an incomplete sci-fi project called *White Horse*. Later, the company provided an further $11 million after he asserted he needed extra capital to finalize the project. However, instead of allocating the money for the show, Rinsch diverted the capital to a private bank account. From there, he made a series of unsuccessful investments, losing about half of the $11 million within a few months, according to the case. Lavish Purchases with Studio Funds After the market losses, Rinsch reportedly placed the remaining funds into the digital currency market, making some profit. However, he then deposited those proceeds into his personal account. The subsequent actions involved major luxury expenditures. Authorities outlined purchases that included: 5 luxury car vehicles and a Ferrari. Over $652,000 on timepieces and apparel. A pair of beds for approximately six hundred and thirty-eight thousand dollars. An additional $295,000 on high-end linens and household items. Furthermore, he reportedly used a portion of the funds to pay off about one point eight million dollars in personal debt balances. Court Reaction and Next Steps In a statement, Rinsch's attorney expressed dismay with the verdict, suggesting it "establishes a concerning standard for creatives who become involved in contractual and artistic disagreements with their benefactors." Rinsch, forty-eight, did not finish the show. His court hearing is set for April. The streaming platform declined to issue a statement on the conviction.