🔗 Share this article Film Industry Director Declared Guilty of Scamming Streaming Giant Netflix For Millions for Non-Existent Series A well-known film director was found guilty on Thursday for orchestrating a scheme that defrauded the entertainment platform Netflix out of an astonishing $11 million allocated for a show that was never produced, prosecutors said. Particulars of the Case The director, most famous for directing the movie *47 Ronin* featuring Keanu Reeves, was convicted on several charges including wire fraud and concealing illicit funds, as per legal documents and government attorneys in New York. "Today's conviction demonstrates that if an individual takes money from backers, we will follow the money and ensure they face consequences," stated a U.S. attorney. The Alleged Scheme Authorities claimed that Netflix had initially disbursed Rinsch approximately a sum for an incomplete sci-fi series titled *White Horse*. Subsequently, the streamer provided an additional $11 million after he asserted he required extra capital to finalize production. However, instead of allocating the funds for the series, Rinsch diverted the capital to a private bank account. From there, he engaged in a series of failed stock market bets, losing about half of the multi-million dollar sum within a couple of months, prosecutors said. Lavish Purchases with Studio Funds After the market losses, Rinsch allegedly invested the leftover money into the cryptocurrency market, netting some profit. However, he then deposited those funds into his own account. What followed next involved major luxury spending. Authorities detailed purchases that included: Five luxury car vehicles and one Ferrari. Over $652,000 on timepieces and clothing. A pair of custom mattresses for around six hundred and thirty-eight thousand dollars. A further two hundred and ninety-five thousand dollars on high-end linens and household items. In addition, he reportedly used some of the funds to settle about $1.8 million in credit card bills. Legal Response and Sentencing In a comment, Rinsch's legal counsel expressed dismay with the outcome, arguing it "establishes a concerning precedent for artists who become involved in contractual and creative disagreements with their financial backers." Rinsch, forty-eight, did not finish the show. His court hearing is scheduled for April. The streaming platform declined to comment on the matter.