🔗 Share this article Hollywood Director Declared Guilty of Defrauding Platform Netflix Out of Millions for Phantom Series A well-known film director was found guilty on Thursday for masterminding a plot that defrauded the entertainment platform Netflix out of a staggering $11 million allocated for a television series that never materialized, prosecutors stated. Particulars of the Case The director, best known for helming the movie *47 Ronin* starring Keanu Reeves, was convicted on multiple charges including financial fraud and concealing illicit funds, according to legal documents and federal prosecutors in New York. "Today's conviction demonstrates that when someone takes money from investors, we will trace the funds and ensure they face consequences," said the prosecutor. Reported Scheme Authorities claimed that Netflix had originally paid Rinsch around a sum for an incomplete science-fiction project called *White Horse*. Later, the company provided an further $11 million after he claimed he needed extra capital to finalize production. Yet, rather than allocating the funds for the show, Rinsch diverted the capital to a personal account. There, he engaged in a series of unsuccessful stock market bets, losing roughly half of the $11 million within a few months, prosecutors said. Lavish Purchases with Studio Funds Following the failed investments, Rinsch reportedly invested the remaining funds into the cryptocurrency market, making some gains. However, he then transferred those funds into his own bank account. The subsequent actions involved major high-end expenditures. Authorities detailed acquisitions that included: Five Rolls-Royce automobiles and a sports car. More than six hundred and fifty-two thousand dollars on designer watches and clothing. Two custom mattresses for around six hundred and thirty-eight thousand dollars. An additional two hundred and ninety-five thousand dollars on high-end linens and home furnishings. Furthermore, he reportedly used some of the funds to pay off about $1.8 million in personal debt balances. Legal Reaction and Next Steps In a comment, Rinsch's legal counsel voiced disagreement with the verdict, arguing it "establishes a concerning precedent for creatives who become involved in contractual and artistic disagreements with their benefactors." Rinsch, forty-eight, did not finish the show. His court hearing is set for this spring. The company involved chose not to comment on the conviction.