The federals charge a filmmaker with the theft of $ 11 million from Netflix to play with cryptography, shares

The US federal authorities have arrested and accused a filmmaker, accusing him of spending $ 11 million given by Netflix to bet on actions and cryptography instead of using it to finance a science fiction television program.

The Department of Justice saying In an accusation revealed in a Federal Court in Manhattan on March 18 that had accused Carl Erik Rinsch of fraud and money laundering, and could face more than 20 years in prison.

The Department of Justice claimed that Netflix, who was not appointed in the complaint, gave Rinsch $ 11 million in March 2020 to finance the graphic script, pay the actors and edit images for the science fiction television program “White Horse”, later renowned “Conquest”.

On the other hand, prosecutors claim that Rinsch moved around $ 10.5 million of the funds to a brokerage account in which “made a series of extremely risky operations”, including purchase options in a biopharmaceutical company, which lost it more than $ 5.5 million.

Rinsch was losing Netflix’s money as he assured the transmission giant that Conquest was “moving really well,” according to the accusation.

Prosecutors said that Los Angeles’s filmmaker had a better luck with cryptography, making several million dollars that negotiate cryptocurrencies in February 2021, which used to buy almost $ 3.8 million in furniture and antiques, Five Rolls-Royces, a Ferrari, Watches and luxury clothing with a value of more than $ 3 million.

The United States prosecutor’s office did not quote Netflix as the Transmission Company behind Conquest in the accusation, but The New York Times reported In the Netflix dispute with Rinsch Over Conquest in November 2023, where he said Netflix canceled the program in early 2021 after Rinsch’s behavior became “erratic.”

The Times reported that Netflix paid Rinsch $ 55 million, while prosecutors alleged that he received $ 44 million to produce the show, which has not yet been transmitted.

American prosecutors also accused Rinsch of spending almost $ 1.8 million in credit card bills and $ 1 million in legal fees to demand Netflix for even more money and cover costs related to their divorce.

Related: Microsoft warns of new remote access Trojans aimed at cryptography wallets

Rinsch was accused of an electronic fraud count, a money laundering charge and five positions to participate in monetary transactions in properties derived from a specified illegal activity.

Fraud and money laundering each charge a maximum sentence of 20 years, while each of the monetary transactions charges entails a maximum sentence of 10 years.

Rinsch was arrested on March 18, and his case was assigned to the Judge of the Federal Court of New York, Jed Rakoff.

The Association press reported On March 18, Rinsch’s lawyer Annie Carney, declined to comment outside the court.

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