{"id":22231,"date":"2025-03-19T18:02:38","date_gmt":"2025-03-19T16:02:38","guid":{"rendered":"https:\/\/forklog.com\/en\/us-director-arrested-for-alleged-fraud-involving-cryptocurrency\/"},"modified":"2025-03-19T18:02:38","modified_gmt":"2025-03-19T16:02:38","slug":"us-director-arrested-for-alleged-fraud-involving-cryptocurrency","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-director-arrested-for-alleged-fraud-involving-cryptocurrency\/","title":{"rendered":"US Director Arrested for Alleged Fraud Involving Cryptocurrency"},"content":{"rendered":"<p>Federal authorities in the United States have <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/los-angeles-director-and-writer-charged-11-million-fraud-connection-streaming-science\">arrested<\/a> 47-year-old Los Angeles filmmaker Carl Erik Rinsch, accused of misappropriating funds allocated for filming and using them to purchase cryptocurrency.<\/p>\n<p>According to case documents, in March 2020, Rinsch received $11 million from an unnamed streaming service to create the science fiction series &#8220;Conquest,&#8221; yet failed to complete a single episode.<\/p>\n<p>Instead, the defendant initially made unsuccessful investments in the stock market. He then used the remaining funds to buy cryptocurrency, reportedly earning &#8220;several million dollars.&#8221;<\/p>\n<p>With the proceeds, Rinsch purchased furniture and antiques valued at approximately $3.8 million, as well as five cars, including Rolls-Royce and Ferrari, watches, and luxury items totaling over $3 million. Additionally, he spent $1.8 million on credit cards and another $1 million on legal fees in an attempt to claim additional funds from the streaming service.<\/p>\n<p>Meanwhile, he assured his clients that filming was underway.<\/p>\n<p>The director faces charges of wire fraud, money laundering, and five counts of engaging in monetary transactions with illegally obtained property. If convicted on all counts, he faces a maximum sentence of 90 years in prison.<\/p>\n<p>The case has been transferred to a federal court in New York.<\/p>\n<p>As reported by The New York Times, the aggrieved party is Netflix. The publication claims that from November 2018 to March 2020, Rinsch received a total of $55 million from the company. It is alleged that $4 million invested in Dogecoin on the Kraken exchange yielded him $27 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal authorities in the United States have arrested 47-year-old Los Angeles filmmaker Carl Erik Rinsch, accused of misappropriating funds allocated for filming and using them to purchase cryptocurrency. According to case documents, in March 2020, Rinsch received $11 million from an unnamed streaming service to create the science fiction series &#8220;Conquest,&#8221; yet failed to complete [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1779,1246,26],"class_list":["post-22231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-netflix","tag-scammers","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22231"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22230"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}