Filmmaker's $11M Netflix Heist: A Comedy of Errors in Crypto and Stocks! 😂💸

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Filmmaker’s $11M Netflix Heist: A Comedy of Errors in Crypto and Stocks! 😂💸

In a most curious turn of events, the esteemed federal authorities of the United States have apprehended a filmmaker, a certain Carl Erik Rinsch, who stands accused of diverting a princely sum of $11 million, bestowed upon him by Netflix, to indulge in the capricious whims of gambling on stocks and cryptocurrencies, rather than employing it for the noble pursuit of crafting a science fiction television spectacle.

As the Department of Justice unveiled its indictment in a Manhattan federal court on the 18th of March, it became evident that Mr. Rinsch faces charges of fraud and money laundering, with the specter of a 20-year prison sentence looming ominously over him. Ah, the irony! A man who sought to create a world of fantasy now finds himself ensnared in a reality most grim.

It is alleged that Netflix, though not explicitly named in the complaint, had graciously provided Rinsch with $11 million in March 2020, intended for the noble tasks of storyboarding, compensating actors, and editing footage for the sci-fi endeavor known as “White Horse,” later rebranded as “Conquest.” Yet, instead of fulfilling his artistic obligations, our protagonist chose to plunge approximately $10.5 million into a brokerage account, engaging in “extremely risky” trades, including call options on a biopharmaceutical company, which, alas, resulted in a loss exceeding $5.5 million. A true master of financial misadventure!

While Rinsch was busy squandering Netflix’s funds, he assured the streaming giant that “Conquest” was progressing splendidly. Oh, the audacity! Prosecutors further revealed that this Los Angeles filmmaker had a stroke of luck in the realm of cryptocurrency, amassing several million dollars in February 2021, which he promptly used to acquire nearly $3.8 million worth of furniture and antiques, five Rolls-Royces, a Ferrari, and luxury clothing items that would make even the most extravagant spenders blush. 🤑

Though the US Attorney’s Office refrained from naming Netflix as the streaming company behind “Conquest,” The New York Times reported on a dispute between the two parties in November 2023, revealing that Netflix had canceled the show in early 2021 due to Rinsch’s increasingly “erratic” behavior. One can only imagine the conversations that transpired! “Oh, dear Netflix, I assure you, everything is going splendidly!”

According to the Times, Netflix had paid Rinsch a staggering $55 million, while prosecutors contend he received $44 million for a show that has yet to grace the screens. A veritable treasure trove of funds, squandered with the flair of a true artist!

Moreover, US prosecutors accused Rinsch of lavishly spending nearly $1.8 million on credit card bills and an additional $1 million in legal fees to pursue Netflix for even more money, all while navigating the turbulent waters of his divorce. Truly, a man of many talents!

Charged with one count of wire fraud, one count of money laundering, and five counts of engaging in monetary transactions derived from specified unlawful activity, Rinsch now faces the music. The fraud and money laundering charges each carry a maximum sentence of 20 years, while the monetary transaction charges could add another 10 years to his sentence. A veritable symphony of legal woes!

On the fateful day of March 18, Rinsch was arrested, and his case has been assigned to the honorable Judge Jed Rakoff in New York federal court. The Associated Press reported that Rinsch’s lawyer, Annie Carney, chose to remain silent outside the court, perhaps contemplating the absurdity of it all.

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2025-03-19 08:28

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