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By: Magdalene Agyeiwaa Sarpong/ Image@ BBC
A Hollywood director, Carl Erik Rinsch, has been sentenced to two and a half years in prison following his conviction for defrauding Netflix of $11 million (£8.3 million) last year.
Rinsch, 48, who gained recognition for his work on the 2013 film 47 Ronin, was found guilty of federal fraud and money laundering after misappropriating funds that were meant for the completion of a science fiction series.
Facing a potential maximum sentence of 90 years, Rinsch was ultimately handed a lighter punishment by Judge Jay Rakoff, who also imposed three years of supervised release, ordered the forfeiture of $11 million, and levied a $700 fine.
In a statement before sentencing, Rinsch expressed remorse and acknowledged his wrongdoing.
”Today’s sentence sends a clear message: Fraud will not be tolerated,” remarked US Attorney Jay Clayton.
Prosecutors revealed that Netflix had allocated approximately $55 million to Rinsch for the unfinished sci-fi project, originally titled White Horse, including $11 million that he claimed was necessary to finalize production.
Instead of utilizing the funds as intended, Rinsch transferred the money to a personal account, where he reportedly invested it and lost half within months.
His expenditures included lavish purchases such as Rolls-Royce vehicles and expensive mattresses, along with investments in cryptocurrency, according to court documents.
During a week-long trial in New York, several executives from Netflix testified that they had only approved funding for a single season of the show, which Rinsch failed to produce.
In a rare move for a defendant, Rinsch took the stand, asserting that the situation stemmed from a misunderstanding and that he believed the funds were intended to sustain the show during the pandemic.
The New York Times reported that friends and colleagues noted a marked change in Rinsch’s behavior after he signed the deal with Netflix, describing him as increasingly erratic.
Reports indicated that he claimed to possess the ability to predict lightning strikes and volcanic eruptions and spoke of a “secret transmission mechanism” related to Covid-19.
