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A well-known film director was found guilty this week for masterminding a plot that swindled the entertainment platform Netflix out of an astonishing $11 million earmarked for a television series that never materialized, prosecutors said.

Details of the Case

The director, most famous for helming the movie *47 Ronin* featuring the actor Keanu Reeves, was convicted on several charges including wire fraud and money laundering, according to court records and government attorneys in New York.

"Today's conviction demonstrates that when someone takes money from investors, we will follow the money and hold them accountable," stated a U.S. attorney.

The Alleged Scheme

Authorities claimed that Netflix had originally disbursed Rinsch approximately $44 million for an incomplete science-fiction series called *White Horse*. Subsequently, the company provided an further payment after he asserted he required more funding to finalize the project.

However, rather than using the funds for the series, Rinsch diverted the cash to a personal account. There, he made a string of failed stock market bets, losing about 50% of the multi-million dollar sum within a couple of months, prosecutors said.

Lavish Spending with Studio Money

After the market losses, Rinsch allegedly placed the remaining funds into the digital currency market, making some gains. However, he then deposited those funds into his own account.

The subsequent actions involved significant high-end expenditures. Authorities outlined purchases that included:

• 5 luxury car vehicles and one Ferrari.
• More than six hundred and fifty-two thousand dollars on designer watches and clothing.
• Two custom mattresses for approximately six hundred and thirty-eight thousand dollars.
• An additional $295,000 on high-end linens and household items.

Furthermore, he allegedly used a portion of the funds to pay off approximately one point eight million dollars in credit card balances.

Court Response and Sentencing

In a comment, Rinsch's legal counsel voiced dismay with the outcome, arguing it "establishes a dangerous precedent for artists who become involved in business and creative disagreements with their financial backers."

Rinsch, forty-eight, never completed the show. His court hearing is set for April. The company involved declined to issue a statement on the conviction.