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Embezzled $11 Million Netflix Funds to Buy Doge, 47 Ronin Director Sentenced to 2.5 Years in Prison
The director of the film 47 Ronin, Carl Rinsch, 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 White Horse series. Instead of completing the series, Rinsch spent the funds on buying Doge and financing a lavish lifestyle.
This case began in 2020 during the COVID-19 pandemic, when Rinsch transferred production funds to a personal account. After suffering 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 funds to Netflix, Rinsch used the profits to buy five Rolls-Royce cars, one Ferrari, luxury watches, designer clothes, and high-end furniture. Although prosecutors initially sought a 5-year prison sentence, Judge Jed Rakoff gave 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, follow a mental health program, and refrain from using illegal drugs. The judge also joked that Rinsch should stop investing in the crypto industry.