TLDR
- Filmmaker Carl Erik Rinsch charged with fraud for allegedly misusing $11M from Netflix meant for sci-fi show “White Horse”/”Conquest”
- Instead of producing the show, Rinsch allegedly used funds for high-risk stock trading, losing $5.5M
- Rinsch made several million in crypto trading and purchased luxury items including Rolls-Royces, a Ferrari, and expensive furniture
- Federal charges include wire fraud, money laundering, and monetary transactions charges carrying maximum sentences of 10-20 years
- Netflix had initially invested $44M in the project before providing the additional $11M that Rinsch allegedly misappropriated
Federal prosecutors have charged filmmaker Carl Erik Rinsch with fraud after he allegedly misused $11 million from Netflix that was meant to fund a science fiction television series. The 47-year-old director was arrested on March 18, 2025, and now faces multiple charges that could result in decades of prison time if convicted.
Rinsch received the funds in March 2020 to finance “White Horse,” later renamed “Conquest,” a sci-fi series about artificial humans. The money was intended for storyboarding, paying actors, and editing footage for the show.
$10.5 million on extremely risky trades
According to the indictment filed in Manhattan federal court, Rinsch transferred about $10.5 million of Netflix’s money into a personal brokerage account. He then made what prosecutors described as “extremely risky” trades.
These trades included call options on a biopharmaceutical company. This risky investment strategy cost him over $5.5 million in losses within less than two months of receiving the funds.
While losing money on stock trades, Rinsch was telling Netflix that “Conquest” was “moving forward really well.” However, the show never entered production and no episodes were ever delivered to the streaming platform.
Prosecutors say Rinsch had better luck with cryptocurrency trading. In February 2021, he reportedly made several million dollars through crypto trades.
Rinsch spent money on luxury cars
Rather than putting these profits toward the promised TV series, Rinsch spent the money on luxury items. These purchases included five Rolls-Royces and one Ferrari, totaling approximately $2.4 million.
He also bought nearly $3.8 million in furniture and antiques. Other expenses included over $3 million on watches and luxury clothing, about $1.8 million on credit card bills, and $1 million in legal fees.
The legal fees were used partly to sue Netflix for more money and to cover costs related to his divorce. He “never returned the fraudulently obtained funds,” according to the indictment.
Netflix isn’t directly named in the Department of Justice’s indictment, which refers only to “a subscription video on-demand streaming service.” However, The New York Times reported on Netflix’s dispute with Rinsch over “Conquest” in November 2023.
The streaming giant reportedly paid Rinsch a total of $44 million in 2018 and 2019 for the project before sending the additional $11 million in 2020. Netflix canceled the show in early 2021 after Rinsch’s behavior allegedly turned “erratic.”
Acting U.S. Attorney Matthew Podolsky stated, “As alleged, Carl Erik Rinsch orchestrated a scheme to steal millions by soliciting a large investment from a video streaming service, claiming that money would be used to finance a television show that he was creating. But that was fiction.”
Rinsch faces one count of wire fraud and one count of money laundering, each carrying a maximum sentence of 20 years. He also faces five counts of engaging in monetary transactions in property derived from specified unlawful activity, each carrying a maximum sentence of 10 years.
The filmmaker has worked in Hollywood before, directing the 2013 movie “47 Ronin.” Reports indicate there was a competitive auction for the “White Horse” project before Netflix secured the rights.
Last year, an arbitrator awarded Netflix $8.8 million in damages after Rinsch initiated arbitration claiming the streaming company had breached their contract. Former Los Angeles Superior Court judge Rita Miller ruled that none of Rinsch’s purchases were necessary for the production.
When contacted by media outlets, Netflix declined to comment on the case. Rinsch’s lawyer, Annie Carney, also declined to comment outside court following his arrest in West Hollywood, California.
The case has been assigned to New York federal court Judge Jed Rakoff. The Complex Frauds and Cybercrime unit is prosecuting the case against Rinsch.
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