47 Ronin director blows budget on crypto, accused of wire fraud

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Carl Erik Rinsch, the popular director of the Hollywood blockbuster 47 Ronin, has been convicted of wire fraud and money laundering tied to misappropriating funds provided by streaming platform Netflix for a science fiction series. In the news announced by the US Attorney’s Office of New York, Rinsch was found guilty. In the report, the 47 Ronin director was found guilty of one count of wire fraud and one count of money laundering, with each of the counts carrying a maximum sentence of 20 years in prison. Prosecutors were also able to secure a conviction on five counts of engaging in monetary transactions using property derived from unlawful activity. Each count is also carrying a maximum sentence of 10 years, with his sentencing already scheduled for April 17, 2026. 47 Ronin director convicted of wire fraud, money laundering According to the indictment that was unsealed in a Manhattan federal court on March 18, the 47 Ronin director reached an agreement with streaming platform Netflix in 2018 to produce episodes of a science fiction series called White Horse. Both parties agreed on payments, with Netflix paying $44 million for the initial episodes of the series, a payment that was made between 2018 and 2019. After spending the initial budget provided by Netflix, the streaming platform agreed to pay an additional $11 million, transferring the funds to him in March 2020 to complete the project. Federal prosecutors noted that while the payment for the series was completed, Rinsch refused to spend the additional budget on White House, holding off on the completion of the series. Prosecutors mentioned that within days of receiving the additional budget, Rinsch moved the money through several bank accounts, with the funds ending up in a personal brokerage account. The funds were then used to make several purchases,…