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Netflix $11 Million Embezzled to Buy Doge, 47 Ronin Director Sentenced to 2.5 Years in Prison

Carl Rinsch, director of the film 47 Ronin, has been officially sentenced to 2.5 years in prison after being found guilty of fraud. Rinsch was charged with misusing $11 million in funds from Netflix that were supposed to be used for the production of the series White Horse. Instead of completing the series, Rinsch spent the funds on buying Doge and financing a lavish lifestyle.
​The case began in 2020 during the COVID-19 pandemic, when Rinsch moved production funds into a personal account. After incurring losses from COVID-related stocks, he used the remaining funds to buy Dogecoin. Unexpectedly, this move paid off and he managed to rake in profits of up to $27 million.
​Instead of returning the Netflix funds, Rinsch used the profits to splurge on five Rolls-Royces, one Ferrari, luxury watches, designer clothing, and high-end furniture. Although prosecutors initially sought a 5-year prison sentence, Judge Jed Rakoff handed down a lighter sentence of 30 months (2.5 years) after considering Rinsch's mental health defense.
​Judge Rakoff ordered Rinsch to pay $11 million in restitution to Netflix, undergo a mental health program, and refrain from using illegal drugs. The judge also joked that Rinsch should stop investing in the crypto industry.