Carl Erik Rinsch, once positioned to deliver Netflix’s next sci-fi blockbuster, is now facing a federal jury in Manhattan.
According to Fortune, the 48-year-old director is on trial for wire fraud, money laundering, and unlawful monetary transactions—charges that together could mean up to 90 years in prison. Prosecutors allege Rinsch misused $11 million that Netflix wired to him in 2020, money intended to rescue his stalled series White Horse, later retitled Conquest.
The courtroom drama caps a saga that began in 2018, when Netflix outbid rivals Amazon, HBO, and Apple to secure rights to Rinsch’s alleged dystopian thriller. The streamer committed more than $61 million to the project and granted Rinsch rare final-cut authority, a privilege usually reserved for Hollywood’s most trusted directors.
Keanu Reeves, who had starred in Rinsch’s only feature film, 47 Ronin, even came on board as an early investor and mentor.
But production quickly unraveled. Filming in Brazil, Uruguay, and Hungary ran over budget, and by late 2019, no episode had been completed.
Hoping to salvage the show, Netflix wired Rinsch an additional $11 million in March 2020. According to prosecutors, instead of allocating the funds to the series, Rinsch transferred nearly all of them into personal brokerage accounts.
He reportedly lost more than half on risky stock trades, then recovered through cryptocurrency investments. The crypto gains fueled a lavish spending spree: five Rolls-Royces, a Ferrari, and two custom Hästens mattresses from Sweden, totaling $638,000. One of those mattresses carried a price tag of $439,900.
Court filings say Rinsch assured Netflix executives the project was “game-changing good” even as production remained frozen. He has pleaded not guilty, and his attorney, Daniel McGuinness, has stated, “Mr. Rinsch is looking forward to the opportunity to show that these charges are not founded and that he’s completely innocent.”
His defense team has signaled they may argue his mental state was compromised, citing psychiatrist Dr. John Mariani, who is expected to testify that Rinsch was in a “state of psychosis” during the period in question.
Netflix has already secured an $11.8 million arbitration award against Rinsch, who is now described as unemployed. The trial, overseen by Judge Jed Rakoff, is expected to last two weeks and will feature testimony from former Netflix executives, including Cindy Holland, the executive who originally championed White Horse.