Carl Erik Rinsch, the director of the 2013 film 47 Ronin, has been indicted on charges of wire fraud and money laundering. Prosecutors allege that Rinsch misused $11 million in funds from Netflix, money that was intended for the production of a science fiction series titled White Horse (later renamed Conquest). Instead of completing the series, Rinsch allegedly spent the money on cryptocurrency investments, luxury cars, extravagant home furnishings, and high-end mattresses. The series was ultimately abandoned, leading to a legal battle between Rinsch and Netflix, culminating in his arrest in March 2025.

The Netflix Deal and the White Horse Project

In 2018, Netflix entered into an agreement with Carl Rinsch to develop a high-budget sci-fi series, initially called White Horse. Netflix provided around $44 million in funding, expecting a unique and ambitious production. Rinsch, known for his striking visual style but lacking a strong track record in Hollywood, had ambitious plans for the series, which later became known as Conquest.

The project was meant to be a visually stunning and conceptually deep show, promising an innovative blend of storytelling and cutting-edge filmmaking techniques. However, problems arose when Rinsch repeatedly requested additional funding from Netflix, claiming he needed more money to complete production.

By 2020, Netflix had already invested significantly in the series but had yet to see any substantial progress. In response to Rinsch’s request, they approved an additional $11 million to keep the project moving.

How the Money Was Spent

Instead of using the $11 million to complete the show, Rinsch allegedly funneled the money into personal investments and extravagant purchases.

• Cryptocurrency Speculation: A large portion of the money—approximately $10.5 million—was transferred into a brokerage account, where Rinsch engaged in high-risk stock trading and cryptocurrency speculation. He initially suffered significant losses but later turned a profit due to market shifts.
• Luxury Cars and Home Furnishings: Prosecutors claim that Rinsch spent at least $2.4 million on five Rolls-Royces and a Ferrari.
• Exorbitant Mattress Purchase: Reports indicate he spent about $638,000 on two mattresses and an additional $295,000 on luxury bedding.
• Legal Fees to Sue Netflix: Frustrated with Netflix’s handling of the project, Rinsch allegedly spent over $1 million on legal fees to sue Netflix in an attempt to secure more funding.

Despite these expenditures, Conquest remained incomplete, with no substantial progress to show for the millions Netflix had invested.

Netflix Pulls the Plug

By 2021, Netflix had grown increasingly frustrated with the lack of progress on Conquest and Rinsch’s erratic behavior. The company ultimately decided to cancel the project, writing off the millions they had invested as a loss.

Netflix later discovered Rinsch’s mismanagement of funds and filed complaints, leading to an official investigation by federal authorities.

Legal Consequences and Indictment

In March 2025, Carl Rinsch was indicted on charges of wire fraud and money laundering. Prosecutors allege that he deliberately deceived Netflix and used company funds for personal enrichment. If convicted, he faces up to 90 years in prison.

The case highlights the risks that streaming platforms face when investing in independent creators without proper oversight. It also serves as a cautionary tale about financial mismanagement in Hollywood, where large sums of money can be misallocated due to weak accountability.