Carl Rinsch

Carl Erik Rinsch
Born:	1977 Los Angeles, California
Charges:	Wire fraud, Money laundering, Monetary transactions in property derived from unlawful activity (5 counts)
Sentence:	Awaiting sentencing
Facility:
Status:	Awaiting Sentencing

Carl Erik Rinsch is an American film and television director. He was convicted of wire fraud and money laundering in connection with a scheme to defraud Netflix of $11 million. Rinsch directed 47 Ronin in 2013, a fantasy film starring Keanu Reeves that became famous mostly for losing money.

In 2018, Netflix paid over $61 million for his science fiction series White Horse, later renamed Conquest. The project never made it past development. On December 11, 2025, a federal jury in Manhattan found him guilty on all seven counts. He diverted $11 million in production funds to personal brokerage accounts for speculative trading and luxury purchases. Prison time could reach 90 years, with sentencing scheduled for April 17, 2026.

Summary

Rinsch started out directing commercials at Ridley Scott Associates. His early work earned praise, and he moved into features with 47 Ronin. That film bombed spectacularly, costing Universal Pictures around $150 million in losses. Yet somehow he landed one of the richest development deals in television history.

Netflix beat out Amazon, HBO, and Apple in 2018 to acquire White Horse. They paid $61.2 million and did something they almost never do: they gave Rinsch final cut privileges. That's extraordinary. Only a handful of directors had ever received such control.

By early 2020, he'd spent roughly $44 million with almost nothing completed. Then he asked for more. Netflix, seemingly unable to walk away, handed over an additional $11 million on March 6, 2020.

Federal prosecutors proved that within days, nearly all $11 million moved into his personal brokerage accounts. He lost more than half in speculative options trading. Then came cryptocurrency. A $4 million bet on Dogecoin turned into roughly $27 million in profits. After that, the spending began in earnest: five Rolls-Royces, a Ferrari, two handcrafted Swedish mattresses at $638,000 combined.

Netflix cancelled the whole thing in 2021. They wrote off over $55 million in losses.

Background

Early Life and Education

Carl Erik Rinsch was born in 1977 in Los Angeles, California. Raised in the San Fernando Valley, he was the youngest son of an insurance executive. A short film class at USC sparked his interest in filmmaking during his teenage years. He went on to study at Brown University and Columbia University for his undergraduate degree.

Commercial Directing Career

He built his reputation directing commercials at Ridley Scott Associates, the production company founded by director Ridley Scott himself. His advertising work stood out for its visual sophistication and cinematic approach. His 2010 short film The Gift won recognition at the Cannes Lions international advertising festival and caught the eye of major studios.

47 Ronin (2013)

Universal Pictures brought Rinsch on board in November 2009 to direct 47 Ronin, a fantasy take on the classic Japanese historical story. The cast included Keanu Reeves, Hiroyuki Sanada, and Rinko Kikuchi. The budget hit $175 million.

Trouble plagued the production from the start. Universal removed Rinsch from post-production duties in late 2012. Studio chair Donna Langley took over the editing herself. When the film released in December 2013, it grossed $151 million worldwide. Against that $175 million budget plus marketing, it tanked badly. Universal lost an estimated $150 million. Critics hated it. It became one of 2013's biggest box office failures.

Yet Rinsch and Keanu Reeves stayed on good terms. Years later, Reeves would become an early investor and mentor on the Netflix project.

The Netflix Deal and White Horse/Conquest

Development and Bidding War

After 47 Ronin, Rinsch returned to commercial work while developing a passion project with his wife, Uruguayan model and fashion designer Gabriela Rosés Bentancor. They married in 2014. White Horse (later Conquest) centered on artificial humanoid beings called "Organic Intelligences," created to help humanity, with factions determined to destroy them.

When funding dried up, Keanu Reeves stepped in as co-producer and helped finance development. Netflix's executives got excited. They saw it as the next major franchise, comparing it to Star Wars, Westworld, and The Matrix.

Netflix won the bidding war in 2018 against some serious competition. Amazon, HBO, Apple. All lost out. The deal: $61.2 million for twelve planned episodes. Rinsch got final cut, a concession Netflix had given to almost nobody else before.

Production Troubles

Shooting took place in Brazil, Uruguay, and Budapest. Problems emerged almost immediately. Crew members worried about his behavior. His wife would later claim in divorce papers that things got increasingly strange.

During Budapest shoots, Rinsch allegedly went without sleep for extended periods. He accused his wife of planning to have him killed, according to witnesses. Rosés stated later in court filings that his behavior shifted before the overseas work started. She said he threw objects at her and punched walls. Twice.

By 2019, Rosés hired a behavioral health consultant to arrange an intervention. The group included Rosés, Rinsch's brother, his brother's wife, and crew members from Conquest. He entered a rehab facility but left within days.

Rinsch had received diagnoses of autism and attention-deficit/hyperactivity disorder. He took medications for both, including Vyvanse, an amphetamine prescribed for ADHD. His wife and some crew members worried he might be overusing it. The drug can trigger serious side effects when misused: mania, delirium, psychosis.

Gabriela Rosés filed for divorce in Los Angeles County Superior Court in July 2020. She later claimed in court papers that by 2021, Rinsch had told her that airplanes were "organic, intelligent forces." He sent texts saying he could predict lightning strikes and volcanic eruptions.

The $11 Million Transfer

After pouring roughly $44 million into production between 2018 and early 2020 with minimal results, Rinsch requested additional funding. Netflix agreed to $11 million more and wired it on March 6, 2020, to a company Rinsch controlled.

Federal prosecutors established that within days of receiving it, Rinsch moved the money through multiple bank accounts, eventually consolidating it in a personal brokerage account. None of that $11 million went toward producing White Horse.

Project Cancellation

Nothing to show. No finished episodes. Just a few teaser clips. Netflix cancelled White Horse/Conquest in 2021 and went to arbitration. The arbitrator ordered Rinsch to repay $11.8 million. Netflix's total writeoff: over $55 million.

Criminal Conduct

Securities Trading and Cryptocurrency

Prosecutors demonstrated that Rinsch transferred nearly the entire $11 million into personal brokerage accounts within days of the wire transfer. He used it for speculative options trades on biotech stocks and S&P 500 ETFs. More than half the money vanished within two months.

His remaining funds went into cryptocurrency. He invested $4 million in Dogecoin. That position made roughly $27 million, recovering his trading losses and then some. Still, none of the money went back to Netflix. None went toward production.

Luxury Purchases

Prosecutors documented what Rinsch bought with the stolen funds:

• Vehicles: Approximately $2,417,000 on five Rolls-Royce automobiles and one Ferrari
• Furniture and Antiques: Approximately $3,787,000, including two handcrafted Swedish Hästens mattresses totaling $638,000 (a $439,900 "Grand Vividus" model in black and a $210,400 "Vividus" model in white), plus $295,000 in luxury bedding and linens
• Credit Card Bills: Approximately $1,787,000 paid toward existing credit card balances
• Legal Fees: Approximately $1,073,000
• Watches and Clothing: Approximately $652,000
• Luxury Hotels and Rentals: Approximately $395,000

When asked about the purchases, Rinsch testified that they were legitimate production expenses. The Rolls-Royces? Needed for the show. The mattresses? Props for a second season that never got greenlit.

Indictment, Prosecution, and Sentencing

Investigation and Arrest

The FBI's New York Field Office handled the investigation, working with the U.S. Attorney's Office for the Southern District of New York. Police arrested Rinsch on March 18, 2025, in West Hollywood.

He appeared in federal court wearing restraints. A $100,000 bond got him out temporarily. Later, federal custody in the Southern District of New York became his address.

Charges

A federal grand jury in Manhattan returned seven counts:

• One count of wire fraud, up to 20 years
• One count of money laundering, up to 20 years
• Five counts of monetary transactions in property derived from specified unlawful activity, each up to 10 years

That totaled 90 years maximum.

Trial

Rinsch pleaded not guilty and went to trial in Manhattan before Judge Jed Rakoff. The trial lasted roughly two weeks.

Federal prosecutors from the Complex Frauds and Cybercrime Unit presented evidence showing that Rinsch never intended to spend the $11 million on White Horse. They demonstrated the rapid transfers to personal accounts and the subsequent trading spree and luxury shopping.

His defense team, led by Benjamin Zeman, argued differently. They said the $11 million was payment for work Rinsch had already done and that he could spend it however he wanted. They tried to reframe it as a civil contract dispute, not a criminal matter.

Defense filings indicated they might present evidence about Rinsch's mental condition. They planned to call psychiatrist Dr. John Mariani to testify that Rinsch was experiencing "psychosis" during the relevant period, possibly worsened by prescription stimulants and the COVID-19 pandemic.

After the guilty verdict, Zeman claimed the government had "essentially criminalized a creative disagreement."

Conviction

The jury took less than five hours to deliberate. On December 11, 2025, they returned guilty verdicts on all seven counts.

U.S. Attorney Jay Clayton commented: "Carl Erik Rinsch took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions."

Acting U.S. Attorney Matthew Podolsky stated that Rinsch "orchestrated a scheme to steal millions" by claiming the funds would finance the show while actually using them for "personal expenses and investments."

FBI Assistant Director Leslie Backschies said Rinsch "allegedly stole more than $11 million" rather than "completing a promised television series."

Sentencing

Sentencing is scheduled for April 17, 2026, before Judge Jed Rakoff. The statutory maximum is 90 years, but that's almost certainly not what he'll get. Federal sentencing guidelines typically produce much lower sentences. The court will consider the loss amount, any restitution, his lack of prior criminal history, and arguments about his mental state.

Frequently Asked Questions

Q: What did Carl Rinsch do?

Carl Rinsch was convicted of wire fraud and money laundering for defrauding Netflix of $11 million. Netflix gave him the money in March 2020 to complete a science fiction television series called White Horse (later renamed Conquest). Instead of using it for production, Rinsch transferred nearly all of it to personal brokerage accounts within days. He lost more than half in speculative stock options trading, recovered through cryptocurrency investments (including Dogecoin), then spent roughly $10 million on luxury items including five Rolls-Royces, a Ferrari, nearly $640,000 on two mattresses, and hundreds of thousands on watches and clothing.

Q: How long is Carl Rinsch's prison sentence?

Rinsch hasn't been sentenced yet. His sentencing is scheduled for April 17, 2026. The charges carry a combined maximum of 90 years in federal prison (20 years for wire fraud, 20 years for money laundering, and 10 years for each of five counts of monetary transactions in property derived from unlawful activity). Federal sentences usually follow sentencing guidelines and consider factors such as the amount of loss and criminal history, resulting in sentences well below the statutory maximum.

Q: What was Carl Rinsch convicted of?

On December 11, 2025, a federal jury in Manhattan found Carl Rinsch guilty on all seven counts: one count of wire fraud, one count of money laundering, and five counts of engaging in monetary transactions in property derived from specified unlawful activity. The trial lasted roughly two weeks before Judge Jed Rakoff. The jury deliberated for less than five hours before returning guilty verdicts on every charge.

Q: What is Carl Rinsch known for?

Before his conviction, Carl Rinsch was known primarily as the director of the 2013 fantasy film 47 Ronin, starring Keanu Reeves. The film was a commercial disaster, grossing only $151 million worldwide against a $175 million budget, costing Universal Pictures around $150 million in losses. Before that, he was an acclaimed commercial director at Ridley Scott Associates, where his 2010 short film The Gift won awards at the Cannes Lions advertising festival.

Q: What happened with Carl Rinsch and Netflix?

In 2018, Netflix won a bidding war against Amazon, HBO, and Apple to acquire Carl Rinsch's science fiction series White Horse (later renamed Conquest) for over $61 million, granting him rare final cut privileges. After spending $44 million on production with minimal deliverables, Rinsch requested an additional $11 million in early 2020. Netflix transferred the funds in March 2020, but Rinsch diverted the money to personal accounts for trading and luxury purchases. In 2021, Netflix cancelled the project without a single completed episode and wrote off over $55 million in losses. An arbitrator ordered Rinsch to repay $11.8 million. Federal prosecutors took over from there, leading to his 2025 indictment and conviction.

Q: What did Carl Rinsch spend the Netflix money on?

Federal prosecutors documented that Rinsch spent approximately $11 million of misappropriated Netflix funds on personal expenses including: five Rolls-Royce automobiles and one Ferrari ($2.4 million), furniture and antiques including two Swedish Hästens mattresses totaling $638,000 ($3.8 million total), watches and designer clothing ($652,000), luxury hotels and rentals ($395,000), and roughly $1.8 million to pay off credit card balances. He also lost over $5 million in speculative stock options trading before recovering through cryptocurrency investments including a profitable position in Dogecoin.

Q: Did Carl Rinsch cooperate with authorities?

Rinsch did not cooperate with authorities. He pleaded not guilty to all charges and proceeded to trial, where his defense argued that the funds were his payment for work performed and that the case was a civil contract dispute rather than criminal fraud. The jury rejected these arguments and found him guilty on all seven counts after less than five hours of deliberation.

Terminology

• Wire fraud: A federal crime involving electronic communications (wire transfers, emails, phone calls) to execute a scheme to defraud. Maximum sentence: 20 years in federal prison.
• Money laundering: The process of concealing the origins of illegally obtained money, typically by transferring it through legitimate businesses or accounts. Federal maximum sentence: 20 years in prison.
• Monetary transactions in property derived from unlawful activity: A federal offense involving financial transactions using funds known to derive from criminal activity. Maximum sentence per count: 10 years in prison.
• Final cut privilege: A contractual right giving a film or television director ultimate authority over the final edited version of their work, without studio or network interference.
• SDNY: The Southern District of New York, a federal judicial district that includes Manhattan and handles many high-profile white-collar criminal cases.

See Also

• Wire Fraud
• Money Laundering
• Securities Fraud
• Federal Sentencing Guidelines
• The Presentence Report (PSR)
• Self-Surrender Procedures