Carl Erik Rinsch, director of the 2013 Keanu Reeves film 47 Ronin, has been arrested and charged with money laundering and wire fraud.

A seven-count indictment alleges Rinsch misused $11 million in Netflix funding intended for his science fiction TV series, White Horse. Instead of using the funds to complete the project, he allegedly diverted them to personal accounts for speculative investments, luxury purchases, and legal battles.

Netflix initially invested $44 million in *White Horse* in 2018. Between 2019 and 2020, Rinsch requested an additional $11 million, claiming it was necessary for production. However, the indictment, filed by Acting U.S. Attorney for the Southern District of New York Matthew Podolsky and FBI Assistant Director Leslie Backschies of the New York Field Office, states he funneled this money through multiple accounts before depositing it into his brokerage account.

Rinsch reportedly used the funds to trade cryptocurrencies and stocks. Within two months, he allegedly lost over half the sum on speculative investments, including options and an S&P 500 ETF. Despite initial losses, he reinvested, ultimately making a $4 million Dogecoin investment that was worth $27 million by 2021.

Authorities further allege he spent approximately $5.3 million on litigation against Netflix, paying off credit card debt, and purchasing a Ferrari and five Rolls-Royces. Despite these extravagant expenditures, White Horse remained unfinished. Netflix reportedly received only six short episodes, far short of the complete series they financed.

The 47-year-old Rinsch faces severe penalties. The wire fraud charge carries a maximum 20-year prison sentence. The money laundering charge adds another potential 20 years, and each of the five counts of engaging in monetary transactions in criminally derived property carries a maximum 10-year sentence. If convicted on all counts, Rinsch could face up to 90 years in prison. He was released on a $100,000 bail bond, with no court date yet set.