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'47 Ronin' director gets 30 months over $11 million Netflix fraud tied to Dogecoin
U.S. filmmaker Carl Erik Rinsch, director of 47 Ronin, has been sentenced to 30 months in prison for defrauding Netflix of $11 million that had been allocated to produce a television series. Prosecutors said that instead of completing the project, he invested the money in high-risk stock trades and Dogecoin, then spent the profits on luxury goods.
Netflix had provided Rinsch's production company with more than $44 million to produce the science fiction series White Horse, later renamed Conquest. In 2020, the director requested an additional $11 million, claiming the funds were needed to finish production.
According to prosecutors, Rinsch transferred most of the additional funding to his personal brokerage account. After losing about $5.9 million on speculative options trading, he moved the remaining more than $4 million to crypto exchange Kraken and purchased Dogecoin.
When the memecoin surged in 2021, he sold his holdings for nearly $27 million. In messages to a Kraken representative, Rinsch thanked the exchange and wished it "God's blessing."
Millions spent on luxury cars and high-end goods
According to prosecutors, Rinsch spent the proceeds on five Rolls-Royce vehicles, a Ferrari, a Vacheron Constantin watch worth $388,000, as well as furniture, antiques, and designer clothing. His total spending exceeded $8.7 million.The director later sued Netflix, seeking more than $14 million in additional payments, but an arbitration panel rejected his claims.
A federal jury found Rinsch guilty of fraud and money laundering. Although he faced up to 90 years in prison, the court imposed a 30-month sentence after considering evidence presented by the defense regarding his mental health.
Court orders $11M repayment to Netflix
In addition to the prison sentence, the court ordered Rinsch to repay $11 million to Netflix and imposed three years of supervised release following his imprisonment.Judge Jed Rakoff said that any mental health issues did not excuse Rinsch's actions, adding that the director had deliberately misled Netflix to obtain additional funding.
The case comes as U.S. courts continue to handle other major crypto-related fraud prosecutions.
Recently, Chinese billionaire Guo Wengui was sentenced in the United States to 30 years in prison for a scheme that prosecutors said caused investors to lose hundreds of millions of dollars. The court also ordered him to pay $889 million in restitution.
Earlier, a U.S. federal court ruled in favor of the SEC in the NanoBit case, ordering four entities and two individuals connected to the project to pay more than $5.4 million.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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