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Hollywood Director Arrested for Fraud

This is a news story, published by torontosun, that relates primarily to Carl Erik Rinsch news.

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money laundering
torontosun

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Business

Business & Economics

Hollywood director arrested on charges of swindling Netflix out of $11M for show that never aired

torontosun
Summary
Nutrition label

79% Informative

Carl Erik Rinsch has been charged with wire fraud and money laundering over what federal prosecutors allege was a scheme to defraud Netflix .

Prosecutors say Netflix had initially paid about $44 million to purchase an unfinished sci-fi show called “ White Horse’s White Horse” Instead of using the extra money to wrap up production, he transferred the money to a personal brokerage account, where he made a series of failed investments.

The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move.

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