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 convicted of wire fraud and money laundering in connection with a scheme to defraud Netflix of $11 million. Rinsch made his feature directorial debut with the 2013 fantasy film 47 Ronin, starring Keanu Reeves. In 2018, Netflix acquired the rights to his science fiction television series White Horse (later renamed Conquest) for over $61 million, but the project was never completed. On December 11, 2025, a federal jury in Manhattan found Rinsch guilty on all seven counts of fraud and money laundering after he diverted $11 million in production funds to personal brokerage accounts for speculative trading and luxury purchases. He faces up to 90 years in prison and is scheduled to be sentenced on April 17, 2026.

Summary

Carl Rinsch built his early career directing acclaimed television commercials through Ridley Scott Associates before transitioning to feature films with 47 Ronin in 2013. Despite the film's commercial failure, losing an estimated $150 million for Universal Pictures, Rinsch secured one of the most lucrative development deals in television history when Netflix acquired his science fiction series concept in 2018.

The streaming giant outbid Amazon, HBO, and Apple for White Horse, paying $61.2 million for the rights and granting Rinsch final cut privileges, a rare concession Netflix had extended to only a handful of filmmakers. After spending approximately $44 million on the production with minimal deliverables, Rinsch demanded an additional $11 million to complete the series in early 2020.

Federal prosecutors established that within days of receiving the additional funds on March 6, 2020, Rinsch transferred nearly the entire $11 million into personal brokerage accounts. He lost more than half through speculative options trading before recovering his losses through cryptocurrency investments, including a reported $4 million bet on Dogecoin that yielded approximately $27 million in profits. He then embarked on a spending spree that included five Rolls-Royces, a Ferrari, and two handcrafted Swedish mattresses costing $638,000. In 2021, Netflix cancelled the project and wrote off over $55 million in losses.

Background

Early Life and Education

Carl Erik Rinsch was born in 1977 in Los Angeles, California, and raised in the San Fernando Valley as the youngest son of an insurance executive. As a teenager, he developed an interest in filmmaking after taking a short film class at the University of Southern California. He later attended Brown University and Columbia University for his undergraduate education.

Commercial Directing Career

Rinsch established himself as a commercial director at Ridley Scott Associates, the production company founded by legendary director Ridley Scott. His work in advertising earned recognition for its visual style and cinematic quality. In 2010, his short film The Gift received widespread acclaim and won awards at the Cannes Lions international advertising festival, attracting attention from major Hollywood studios.

47 Ronin (2013)

Universal Pictures entered negotiations with Rinsch in November 2009 to direct 47 Ronin, a fantasy adaptation of the classic Japanese historical tale of the forty-seven ronin. The film starred Keanu Reeves, Hiroyuki Sanada, and Rinko Kikuchi, and carried a production budget of $175 million.

Production of 47 Ronin proved troubled. Universal removed Rinsch from the project during post-production in late 2012, with studio chairwoman Donna Langley personally overseeing the final editing process. Released in December 2013, the film grossed only $151 million worldwide against its $175 million budget plus marketing costs, resulting in an estimated loss of $150 million for Universal. Critics gave the film largely negative reviews, and it became one of the year's notable box office disappointments.

Despite this commercial failure, Rinsch's relationship with Keanu Reeves remained positive, and the actor would later serve as an early investor and mentor on Rinsch's Netflix project.

The Netflix Deal and White Horse/Conquest

Development and Bidding War

Following 47 Ronin, Rinsch returned to commercial directing while developing a passion project with his wife, Uruguayan model and fashion designer Gabriela Rosés Bentancor, whom he married in 2014. The couple conceived White Horse (later renamed Conquest) as a dystopian science fiction series about artificial humanoid beings called "Organic Intelligences" created to provide humanitarian aid, and the human factions determined to destroy them.

When financing became difficult, Keanu Reeves stepped in as a co-producer and provided funding to help develop the project. Netflix executives viewed the series as their next major franchise, describing it as a combination of Star Wars, Westworld, and The Matrix.

In 2018, Netflix won a competitive bidding war against Amazon, HBO, and Apple for the rights to White Horse. The streaming service agreed to pay $61.2 million for the planned 12-episode series and granted Rinsch final cut privileges, an extraordinarily rare concession that Netflix had previously extended to only a handful of established filmmakers.

Production Troubles

Production began in locations including Brazil, Uruguay, and Budapest, but significant problems emerged almost immediately. Crew members raised concerns about Rinsch's behavior on set, and his wife later alleged in divorce proceedings that his conduct had become increasingly erratic.

During production in Budapest, Rinsch reportedly went days without sleep and accused his wife of plotting to have him assassinated, according to witnesses who observed the outburst. Rosés later stated in court filings that Rinsch's behavior had begun changing before the overseas shoots. She alleged that on several occasions he threw things at her and twice punched holes in walls.

By 2019, Rosés hired a behavioral health consultant to arrange an intervention urging Rinsch to enter rehabilitation. The intervention involved Rosés, Rinsch's brother, his brother's wife, and members of the Conquest crew. Rinsch reportedly entered a rehabilitation facility but left after only a few days.

Rinsch was diagnosed with autism and attention-deficit/hyperactivity disorder and took medications for both conditions, including Vyvanse, an amphetamine commonly prescribed for ADHD. His wife and some crew members expressed concern about potential overuse of the medication, which can cause serious side effects including mania, delirium, and psychosis when misused.

In July 2020, Gabriela Rosés filed for divorce in Los Angeles County Superior Court. In subsequent court filings, she alleged that by 2021, Rinsch told her that airplanes were "organic, intelligent forces" and sent text messages claiming he had the power to predict lightning strikes and volcanic eruptions.

The $11 Million Transfer

After spending approximately $44 million on production between 2018 and early 2020 with minimal deliverables to show for the investment, Rinsch demanded additional funding from Netflix to complete the series. Despite the lack of progress, Netflix agreed to provide an additional $11 million and transferred the funds on March 6, 2020, to a company controlled by Rinsch.

According to federal prosecutors, within days of receiving the funds, Rinsch began transferring the money through multiple bank accounts before consolidating it in a personal brokerage account. None of the additional $11 million was used for the production of White Horse.

Project Cancellation

In 2021, with nothing to show for its investment beyond a few teaser clips, Netflix cancelled White Horse/Conquest and pursued arbitration against Rinsch. An arbitrator ruled that Rinsch must repay Netflix $11.8 million. Netflix ultimately wrote off over $55 million in costs related to the failed project.

Criminal Conduct

Securities Trading and Cryptocurrency

Federal prosecutors established that Rinsch transferred nearly all of the $11 million he received from Netflix into personal brokerage accounts within days of the wire transfer. He used the funds for speculative options trading on biopharmaceutical stocks and S&P 500 ETFs, losing more than half of the total within two months of receiving the money.

Rinsch then invested his remaining funds in cryptocurrency, including a reported $4 million position in Dogecoin. His cryptocurrency investments proved highly profitable, generating approximately $27 million in gains and enabling him to recover his trading losses. Despite this financial recovery, none of the funds were returned to Netflix or used for the production they were designated to finance.

Luxury Purchases

Prosecutors documented an extensive spending spree by Rinsch using the misappropriated 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 confronted about his purchases, Rinsch testified that the expenditures were legitimate production expenses. He claimed the Rolls-Royce vehicles were needed for the show and that the mattresses were props intended for a second season that had not yet been ordered.

Indictment, Prosecution, and Sentencing

Investigation and Arrest

The Federal Bureau of Investigation's New York Field Office conducted the investigation into Rinsch's financial activities in coordination with the U.S. Attorney's Office for the Southern District of New York. On March 18, 2025, West Hollywood police arrested Rinsch in Los Angeles.

Rinsch appeared in federal court in Los Angeles wearing restraints and posted a $100,000 bond. He was subsequently transferred to federal custody in the Southern District of New York, where the case was prosecuted.

Charges

A federal grand jury in Manhattan returned a seven-count indictment charging Rinsch with:

• One count of wire fraud, carrying a maximum sentence of 20 years in prison
• One count of money laundering, carrying a maximum sentence of 20 years in prison
• Five counts of engaging in monetary transactions in property derived from specified unlawful activity, each carrying a maximum sentence of 10 years in prison

The combined maximum potential sentence totaled 90 years in federal prison.

Trial

Rinsch pleaded not guilty to all charges and proceeded to trial in federal court in Manhattan before Judge Jed Rakoff. The trial lasted approximately two weeks.

The prosecution, led by the Complex Frauds and Cybercrime Unit of the U.S. Attorney's Office, presented evidence establishing that Rinsch had never intended to use the $11 million for the production of White Horse. Prosecutors demonstrated the rapid transfer of funds to personal accounts and the subsequent speculative trading and luxury purchases.

Rinsch's defense team, led by attorney Benjamin Zeman, argued that Rinsch was free to use the $11 million as he pleased because it constituted his payment for completing part of the series. The defense sought to characterize the case as a civil contract dispute rather than a criminal matter.

Defense counsel had indicated they might present evidence regarding Rinsch's mental state, with court filings showing plans to call psychiatrist Dr. John Mariani to testify that Rinsch was in a "state of psychosis" during the relevant period, potentially exacerbated by prescription stimulants and the COVID-19 pandemic.

Following the verdict, defense attorney Zeman stated that the government had "essentially criminalized a creative disagreement."

Conviction

On December 11, 2025, after less than five hours of deliberation, the jury found Rinsch guilty on all seven counts.

U.S. Attorney Jay Clayton stated following the verdict: "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 commented that Rinsch "orchestrated a scheme to steal millions" by claiming funds would finance the show while actually using them for "personal expenses and investments."

FBI Assistant Director Leslie Backschies noted that Rinsch "allegedly stole more than $11 million" instead of "completing a promised television series."

Sentencing

Rinsch is scheduled to be sentenced on April 17, 2026, before Judge Jed Rakoff. While the theoretical maximum sentence is 90 years, federal sentencing guidelines and typical outcomes suggest a sentence of substantially less than the statutory maximum. Factors that may influence his sentence include the amount of loss, any restitution paid, his lack of prior criminal history, and any arguments regarding his mental state during the offense.

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 provided the funds in March 2020 to complete a science fiction television series called White Horse (later renamed Conquest). Instead of using the money for production, Rinsch transferred nearly the entire amount to personal brokerage accounts within days of receiving it. He lost more than half through speculative stock options trading, recovered through cryptocurrency investments (including Dogecoin), and then spent approximately $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?

Carl Rinsch has not yet been sentenced. He is scheduled to be sentenced on April 17, 2026. The charges against him carry a combined maximum sentence 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). However, federal sentences are typically determined using sentencing guidelines that consider factors such as the amount of loss, criminal history, and other circumstances, usually resulting in sentences substantially 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 in his indictment: 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 conviction followed a trial of approximately two weeks before Judge Jed Rakoff. The jury deliberated for less than five hours before returning guilty verdicts on all charges.

Q: What is Carl Rinsch known for?

Before his fraud conviction, Carl Rinsch was known primarily as the director of the 2013 fantasy film 47 Ronin, starring Keanu Reeves. The film was a major commercial disappointment, grossing only $151 million worldwide against a $175 million budget, resulting in estimated losses of $150 million for Universal Pictures. Prior to 47 Ronin, Rinsch 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. The matter was subsequently referred to federal prosecutors, leading to his 2025 indictment and conviction.

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

According to federal prosecutors, 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 approximately $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?

Carl 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 matter 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 the use of electronic communications (wire transfers, emails, phone calls) to execute a scheme to defraud. Wire fraud carries a maximum sentence of 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 money laundering carries a maximum sentence of 20 years in prison.
• Monetary transactions in property derived from unlawful activity: A federal offense involving financial transactions using funds known to be derived from criminal activity. Each count carries a maximum sentence of 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 interference from the studio or network.
• 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