🔗 Share this article Film Industry Director Declared Responsible of Defrauding Platform Netflix For Millions for Phantom Show A prominent Hollywood director was found guilty on Thursday for orchestrating a scheme that defrauded the entertainment platform Netflix out of a staggering $11 million allocated for a show that never materialized, authorities stated. Particulars of the Case Carl Rinsch, most famous for helming the film *47 Ronin* featuring Keanu Reeves, was convicted on several counts including financial fraud and money laundering, as per legal documents and government attorneys in New York. "This verdict demonstrates that if an individual steals from backers, we will trace the funds and ensure they face consequences," stated the prosecutor. The Alleged Scheme Prosecutors alleged that Netflix had initially paid Rinsch approximately a sum for an unfinished sci-fi series called *White Horse*. Subsequently, the company provided an further payment after he asserted he required extra capital to finalize production. Yet, rather than allocating the funds for the series, Rinsch redirected the capital to a private bank account. From there, he engaged in a series of failed investments, squandering about half of the multi-million dollar sum within a few months, prosecutors said. Extravagant Spending with Company Funds After the failed investments, Rinsch reportedly placed the remaining funds into the digital currency market, making some profit. However, he then transferred those proceeds into his own bank account. What followed next involved major high-end spending. Prosecutors detailed acquisitions that included: Five luxury car vehicles and one Ferrari. More than six hundred and fifty-two thousand dollars on designer watches and clothing. Two beds for around $638,000. A further two hundred and ninety-five thousand dollars on high-end linens and household items. In addition, he reportedly used a portion of the money to settle approximately $1.8 million in personal debt bills. Legal Reaction and Sentencing In a statement, Rinsch's attorney expressed dismay with the outcome, suggesting it "establishes a concerning precedent for artists who become involved in contractual and creative disagreements with their financial backers." Rinsch, 48, did not finish the television series. His sentencing date is scheduled for this spring. The streaming platform declined to issue a statement on the matter.