Dogecoin

Carl

Keanu

Clayton

Hollywood director Carl Rinsch has been sentenced to two and a half years in prison for defrauding Netflix out of $11 million, which he spent on crypto, stocks and luxury goods.A Manhattan federal court on Monday <a href="https://www.courtlistener.com/docket/69751190/united-states-v-rinsch/?filed_after=&amp;filed_before=&amp;entry_gte=&amp;entry_lte=&amp;order_by=desc#minute-entry-469332012" rel="noopener noreferrer nofollow">sentenced</a> Rinsch, known for directing the 2013 film “47 Ronin,” starring Keanu Reeves, to 30 months in prison after he was convicted in December on charges including fraud and money laundering.“Rinsch orchestrated a scheme to steal millions by seeking $11 million from a subscription streaming service, falsely claiming that money would be used to finance a television show that he was creating,” Manhattan US Attorney Jay Clayton <a href="https://www.justice.gov/usao-sdny/pr/los-angeles-director-and-writer-sentenced-prison-11-million-production-fraud" rel="noopener noreferrer nofollow">said</a> in a statement Monday.“Instead of using the money to make the show, Rinsch made risky bets on highly speculative stock options and cryptocurrency, and spent millions of dollars on luxury goods for himself,” Clayton added. “Today’s sentence sends a deterrent message: fraud will not be tolerated.”Rinsch’s sentence was far below the maximum possible prison time of 90 years he was facing for his seven total charges, to which he pleaded not guilty. His defense also argued that he suffered from mental health issues.The sentence brings to a close a 15-month saga after Rinsch was <a href="https://www.justice.gov/usao-sdny/pr/los-angeles-director-and-writer-charged-11-million-fraud-connection-streaming-science" rel="noopener noreferrer nofollow">arrested</a> in March 2025 for defrauding what prosecutors referred to in court documents as “Streaming Company-1,” which multiple reports have identified as Netflix.<img alt="" height="1206" src="https://s3-images.ctmedia.io/media/content/pasted-image-1792.png" width="1100">Source: <a href="https://x.com/SDNYnews/status/2071688096408879381" rel="noopener noreferrer nofollow">US Attorney SDNY</a><h2 id="rinsch-makes-27-million-on-dogecoin-bet">Rinsch makes $27 million on Dogecoin bet</h2>According to a March 2025 <a href="https://www.courtlistener.com/docket/69751190/3/united-states-v-rinsch/" rel="noopener noreferrer nofollow">indictment</a> and a November 2023 New York Times <a href="https://www.nytimes.com/2023/11/22/business/carl-rinsch-netflix-conquest.html" rel="noopener noreferrer nofollow">report</a> on a confidential arbitration proceeding between Netflix and Rinsch, the company initially <a href="https://www.nytimes.com/2023/11/22/business/carl-rinsch-netflix-conquest.html" rel="noopener noreferrer nofollow">gave</a> Rinsch $44 million for his sci-fi show “White Horse,” later renamed “Conquest,” but he asked for more funds to finish the show, prompting Netflix to wire an additional $11 million in March 2020.Rinsch used $10.5 million from the fresh funding to gamble on the stock market and quickly lost about half of it in a few weeks by <a href="https://cointelegraph.com/news/bitcoin-options-traders-hedge-downside-as-uncertainty-lingers-anchorage-says" rel="noopener noreferrer nofollow">trading options</a> on pharmaceutical companies and the S&amp;P 500.Rinsch transferred more than $4 million in remaining funds to crypto exchange Kraken and went all in on <a href="https://cointelegraph.com/learn/pump-fun-go-bounty-memecoin-risks" rel="noopener noreferrer nofollow">the memecoin</a> Dogecoin (DOGE), a bet that ultimately generated around $27 million when he liquidated in May 2021, according to an account statement seen by The Times.<img alt="" height="1026" src="https://s3-images.ctmedia.io/media/content/pasted-image-1793.png" width="1919">Carl Rinsch giving an interview in 2013 for his feature directorial debut film 47 Ronin. Source: <a href="https://www.youtube.com/watch?v=bn0LLe1A4Fg" rel="noopener noreferrer nofollow">YouTube</a>With the DOGE winnings, Rinsch then spent about $10 million on personal expenses and luxury goods, including $1.8 million on credit card bills, $1 million on lawyers to sue Netflix, $3.8 million on furniture and antiques, $2.4 million on five Rolls-Royces and a Ferrari, and $652,000 on watches and clothes, according to the indictment.Related: <a href="https://cointelegraph.com/news/on-chain-in-court-crypto-legal-news3" rel="noopener noreferrer nofollow">Onchain, in court: What happened in crypto legal news this week</a>Rinsch never finished the show or returned the funds Netflix provided to complete it.<h2 id="prosecutors-asked-for-five-years">Prosecutors asked for five years</h2>Rinsch was convicted of one count each of wire fraud and money laundering, each carrying a maximum sentence of 20 years in prison, along with five counts of making monetary transactions in property derived from unlawful activity, each carrying a maximum of 10 years.Prosecutors asked the court in a mid-June sentencing <a href="https://www.courtlistener.com/docket/69751190/92/united-states-v-rinsch/" rel="noopener noreferrer nofollow">memo</a> to give Rinsch five years in prison after he <a href="https://www.courtlistener.com/docket/69751190/89/united-states-v-rinsch/" rel="noopener noreferrer nofollow">argued</a> for a sentence without prison time.Rinsch’s defense said he suffered from mental health issues, with friends and family members writing to the court to say that his behavior changed around the time of the offenses. Keanu Reeves also wrote to the court in support of Rinsch.In addition to his two-and-a-half-year prison term, Rinsch was sentenced to three years of supervised release, $11 million in forfeiture and $700 in mandatory special assessments.Magazine: <a href="https://cointelegraph-magazine.com/chinas-107-bitcoin-memory-thief-bithumb-ceo-booked-asia-express/" rel="noopener noreferrer nofollow">China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express</a>

Director of ‘47 Ronin’ who gambled Netflix funds on crypto gets 30 months

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