Carl Rinsch sentenced over Netflix funds used on Dogecoin

A Manhattan federal judge sentenced Carl Erik Rinsch to 30 months in prison in an $11 million fraud case tied to an unfinished Netflix science-fiction series. 

According to the U.S. Attorney’s Office for the Southern District of New York, Rinsch was also sentenced to three years of supervised release, $11 million in forfeiture and $700 in mandatory special assessments.

Rinsch, known for directing the 2013 film “47 Ronin,” was convicted in December 2025 after a one-week trial. The case centered on funds he received to complete a streaming series called “White Horse,” which was later renamed “Conquest,” according to federal prosecutors and court records.

U.S. Attorney Jay Clayton said Rinsch sought $11 million from a subscription streaming service by falsely claiming the money would be used to finance the television show he was creating. 

“Instead of using the money to make the show, Rinsch made risky bets on highly speculative stock options and cryptocurrency, and spent millions of dollars on luxury goods for himself,” said Clayton.

Production money moved into trading

Federal prosecutors said the streaming company had already paid Rinsch about $44 million between 2018 and 2019 before sending another $11 million in March 2020. The added funds were meant to complete the show, but prosecutors said Rinsch moved the money through several accounts and into a personal brokerage account.

According to the original indictment, Rinsch used the funds to trade stock options and lost more than half of the $11 million in less than two months. Prosecutors said he placed trades tied to pharmaceutical companies and the S&P 500 before moving remaining funds into cryptocurrency.

The government said Rinsch later used the money for personal expenses and luxury goods. The spending included credit card bills, legal fees, furniture, antiques, mattresses, watches, clothes, five Rolls-Royces and a Ferrari, according to the case filings.

Dogecoin profit did not end the case

As previously reported by crypto.news, Rinsch was arrested in March 2025 after prosecutors accused him of using Netflix production funds for crypto and stock bets. The case named the company as “Streaming Company-1,” but several reports identified it as Netflix.

Previously, crypto.news reported that Rinsch allegedly turned about $4 million in Dogecoin into roughly $27 million. Prosecutors said the crypto gains did not change the source of the funds, which had been provided for production work.

The Dogecoin trade became one of the most watched parts of the case. However, the court focused on whether Rinsch obtained the extra production money through false claims and used it outside the agreed purpose. Rinsch never finished the show or returned the added funds.

Prosecutors sought five years

Rinsch was convicted of one count of wire fraud, one count of money laundering and five counts of engaging in monetary transactions in property derived from unlawful activity. Wire fraud and money laundering each carried a maximum sentence of 20 years in prison, while the five other counts each carried a maximum of 10 years.

Prosecutors asked the court to sentence Rinsch to five years in prison, according to sentencing filings. His defense sought a sentence without prison time and argued that he had mental health issues, with friends and family writing to the court about changes in his behavior.

Actor Keanu Reeves, who starred in “47 Ronin,” also wrote to the court in support of Rinsch, according to AP News. The court imposed a prison sentence below the five years requested by prosecutors, but still ordered prison time, forfeiture and supervised release.

The sentence closed a case that began with Rinsch’s March 2025 arrest and continued through his December 2025 conviction. The U.S. Attorney’s Office also announced the sentencing in a post on X, saying the director had been sentenced for an $11 million production fraud.