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Hollywood director Carl Rinsch diverted $11 million in TV series funds for stock trading, cryptocurrency purchases, and luxury goods, sentenced to 30 months in prison.

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ME News reported that on June 30 (UTC+8), the U.S. Department of Justice stated that "47 Ronin" director Carl Erik Rinsch was sentenced to 30 months in prison for falsely claiming he needed an additional $11 million to complete the sci-fi series "White Horse" from a streaming platform, when in fact he transferred the funds to his personal account for stock options trading, cryptocurrency speculation, and luxury spending. Netflix had paid him approximately $44 million from 2018 to 2019, and later added another $11 million. Rinsch lost more than half of the funds within two months through stock trading, and used the remaining money to repay at least $1.7 million in credit card bills, approximately $3.3 million on furniture and antiques, about $2.4 million to purchase multiple Rolls-Royces and a Ferrari, and $387k on luxury watches. He was also ordered to forfeit $11 million and be subject to three years of supervised release. (Source: PANews)
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