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Director of ‘47 Ronin’ who gambled Netflix funds on crypto gets 30 months
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Hollywood director Carl Rinsch, known for the 2013 film '47 Ronin,' has been sentenced to 30 months in prison for defrauding Netflix of $11 million. He spent the money on cryptocurrency, stock options, and luxury goods instead of completing a sci-fi television series titled 'Conquest.' The sentence was handed down by a Manhattan federal court on Monday.
Rinsch initially received $44 million from Netflix for the show but requested additional funds to finish production. In March 2020, Netflix wired $11 million, which Rinsch promptly diverted to personal use. Within weeks, he lost about $5.5 million by trading options on pharmaceutical companies and the S&P 500.
According to a November 2023 New York Times report, Rinsch transferred over $4 million to the crypto exchange Kraken and invested heavily in Dogecoin. His bet paid off spectacularly, generating around $27 million when he liquidated in May 2021. However, he never returned the funds to Netflix or completed the series.
With the Dogecoin windfall, Rinsch spent millions on luxury goods, including five Rolls-Royces, a Ferrari, $1.8 million on credit card bills, $3.8 million on furniture and antiques, and $652,000 on watches and clothes. He also used $1 million to hire lawyers to sue Netflix. The spending spree was detailed in the March 2025 indictment.
The case highlights the risks of misappropriated funds in the entertainment industry and the volatility of cryptocurrency investments. Rinsch’s actions led to a 15-month legal saga and a conviction on seven charges, including wire fraud and money laundering. His sentence was far below the maximum 90 years he could have faced.
Manhattan US Attorney Jay Clayton stated, 'Rinsch orchestrated a scheme to steal millions... Today's sentence sends a deterrent message: fraud will not be tolerated.' Rinsch’s defense argued he suffered from mental health issues, and actor Keanu Reeves wrote a letter of support. Prosecutors had requested a five-year prison term.
In addition to his prison term, Rinsch received three years of supervised release and was ordered to forfeit $11 million. He must also pay $700 in mandatory special assessments. The case serves as a cautionary tale for Hollywood and the crypto world, underscoring that financial misconduct will be prosecuted regardless of industry stature.
