Director Carl Rensch Found Guilty in $11 Million Netflix Fraud

Carl Erik Rinsch, the director accused of blowing $11 million of Netflix’s money on cars, mattresses, and cryptocurrency, was found guilty Thursday of defrauding the streaming service.

The director was convicted of wire fraud, money laundering, and making illegal transactions following the one-week trial, where both Netflix executives and Rinsch himself took the stand. 

Netflix hired Rinsch, who previously made the film 47 Ronin, to write and direct a sci-fi series called White Horse (later renamed Conquest) in 2018. Despite Netflix pouring $55 million into the project, the director never delivered a single episode. Rinsch later asked Netflix for an additional $11 million in funding, which — a New York Times report and later the indictment alleged — he used to gamble on the stock market, stay in fancy hotels, and purchase luxury goods. No episodes of Conquest were ever produced.

On the stand, Rinsch testified in his own defense, maintaining that the ordeal was a misunderstanding and that the $11 million payment was for pre-production for a second season on Conquest, which Netflix never green-lit. Prosecutors produced bank statements showing that Rinsch directly funneled that $11 million to his own bank account, after which he heavily invested in the pharmaceutical company Gilead as well as on cryptocurrency.

Rinsch faces up to 90 years in prison following his conviction, but the Manhattan judge overseeing the case previously stated even before the trial that the punishment is “wholly irrational,” and that a sentence of up to 20 years is more likely. Rinsch’s sentencing date was set for April 17, 2026.

U.S. Attorney Jay Clayton said in a statement on Wednesday that  Rinsch “took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions. Today’s conviction shows that when someone steals from investors, we will follow the money and hold them accountable.”

DireRinsch’s lawyer Benjamin Zeman said Wednesday (via Variety), “I think the verdict was wrong and I fear that this could set a dangerous precedent for artists who become embroiled in contractual and creative disputes with their benefactors, in this case one of the largest media companies in the world, finding themselves indicted by the federal government for fraud,” he said.