'47 Ronin' director convicted of using $11M in Netflix funds for crypto speculation

Hollywood director Carl Erik Rinsch, known for the film "47 Ronin," has been convicted of using $11 million in Netflix production funds for cryptocurrency and other high-risk investments, according to DL News. The U.S. Department of Justice stated that Rinsch received the additional funds for his sci-fi drama "White Horse" but transferred the money to a personal account to invest in speculative securities and crypto. The New York Times reported that Rinsch profited from some of these crypto investments in 2021 and that evidence confirmed he had purchased Dogecoin (DOGE). Rinsch was found to have used the funds to buy five Rolls-Royces, one Ferrari, luxury goods, and to cover costs for his divorce proceedings. Prosecutors noted that he squandered the production money on stock options and cryptocurrency gambling. Rinsch was convicted on a total of seven counts, including wire fraud and money laundering, and is scheduled to be sentenced in April 2026.