Carl Rinsch, director of the semi-unknown Keanu Reeves film ’47 Ronin’ has been convicted of defrauding $11 million to Netflix. For the production of a science fiction series that was never made… nor was it planned to be made. Electronic fraud, money laundering and illegal transactions are the charges for this ingenious scoundrel who dared to tease one of the giants modern audiovisual corporations.
What happened. The ‘White Horse’ project, later renamed ‘Conquest’, started in 2018 as an ambitious science fiction series about an artificial humanoid species that rebels against its creators. Netflix beat out Amazon, Apple and HBO in a bidding war for the rights to the series, disbursing more than 61 million dollars and granting Rinsch final creative control. 44 million dollars later and after filming in Uruguay, Brazil and Hungary, there was nothing on Mr. Netflix’s table.
Crazy investments. In March 2020, as the pandemic spread, Rinsch requested an additional 11 million to, supposedly, complete the series. For some reason, Netflix agreed: Rinsch transferred the funds directly to personal accounts and speculated with stock options for Gilead Sciences, the pharmaceutical company that wanted to end COVID-19 (and COVID finished with her), losing approximately half of the capital in weeks.
He later invested in Dogecointurning 4 million into 27. With the profits he unleashed a consumerist hurricane that resulted in five Rolls-Royces and a Ferrari worth 2.4 million dollars, two Hästens mattresses handcrafted in Sweden valued at 638,000 dollars, Swiss watches worth 387,000 and antique furniture valued at 3.3 million. Netflix canceled the project in 2021 after receiving only some promotional fragments of the hypothetical series.
The sentence. In an unusual strategy, Rinsch chose to testify in his own defensemaintaining that the 11 million constituted a legitimate reimbursement for own capital invested in the project, and that the material already shot served as a negotiation tool to secure a second season that Netflix would never formally authorize. The prosecution presented bank statements showing direct transfers from the production budget to Rinsch’s personal accounts.
Why did it happen? To understand this series of misfortunes for Netflix’s pocket, we must contextualize when it occurred: between 2018 and 2020, Netflix was at the center of a kind of streaming “gold rush”, with spending on content that reached $17.3 billion in 2020. The platform then accumulated 45% of global spending on streaming content since 2010, doubling the investment of your closest competitorAmazon Prime Video.
The war for creative talent intensified with the launch of Disney+ in November 2019, followed by HBO Max, Apple TV+ and Peacock. Those were the times when, seeking to create a consistent catalog, Netflix prioritized quantity over quality. In this context, Netflix gave Rinsch that final cut for fear of losing the project to rivals.
Other frauds. Rinsch is not an isolated case in an industry increasingly vulnerable to fraud. David Ozer, producer with credentials at Starz Media and Sony Pictures Television, serves sentence after diverting more than $200,000 from the ‘Safehaven’ budget. More recently, in August 2025, David Raymond Brown was accused of orchestrating a Ponzi scheme for 12 million dollars: the producer created a fictitious company that issued invoices for non-existent or already paid services and falsified his profile on IMDb to attract more investors.
Header | Dima Solomin in Unsplash
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