Carl Rinsch: From Financial Failure to Fraud Conviction on Netflix

A case that exemplifies the dangers of mismanaging funds and embezzlement: filmmaker Carl Rinsch, responsible for ‘47 Ronin’, was convicted of fraud after diverting $11 million intended by Netflix for the project ‘Conquest’, a science fiction series that started in 2018.

How It All Began: The Ambitious Project

Netflix trusted Rinsch to develop the science fiction series ‘Conquest’ (initially known as ‘White Horse’). Between 2018 and 2020, the studio invested $44 million in the director’s production company. Up to that point, the project seemed to follow a conventional high-budget film production path.

Fund Diversion and Reckless Speculation

When Rinsch requested an additional $11 million in 2020 to complete the series, investigators uncovered something alarming: he had diverted these funds through multiple bank accounts, later consolidating them into a personal securities account.

Records show that just two months after receiving the money, more than half of the $11 million had already been lost in speculative operations. The situation worsened when Rinsch began investing in cryptocurrencies, simultaneously purchasing luxury items and covering personal expenses with funds belonging to the studio.

The Charges and Potential Penalties

On April 17, 2026, Carl Rinsch will be sentenced. The charges include:

• Electronic fraud: up to 20 years in prison
• Money laundering: up to 20 years in prison
• Five counts of using criminal proceeds: up to 10 years each

In total, he potentially faces 90 years of incarceration, depending on the court’s decision.

This case demonstrates how even established professionals can succumb to the temptation to divert resources, risking multimillion-dollar projects and undermining the trust placed by investors like Netflix.