FBI reveals spending spree of Netflix director in $11 million fraud case: Includes a Ferrari and over 480 takeout orders

Carl Rinsch, the director behind the unfinished Netflix series "White Horse," is facing trial for allegedly defrauding the streaming giant of $11 million. FBI testimony has revealed extravagant spending on high-end cars, furniture, and hundreds of food delivery orders.

In March 2020, Netflix invested $11 million in Rinsch's production company to complete the first season of the futuristic sci-fi series "White Horse." However, Rinsch, who was the director, writer, and showrunner, did not finish the planned 12 episodes.

According to court records, Rinsch spent $9.14 million from a personal account funded with Netflix money. The expenditures included more than 480 deliveries from Postmates and Uber Eats over six months in 2022, often making multiple orders per day.

The most significant expenses were on furniture, totaling $3.36 million, followed by $2.4 million on luxury cars, including a Ferrari and Rolls-Royces, and $1.8 million on American Express credit card bills. Other spending included hotels, jewelry, and artwork. A text shown in court revealed Rinsch referred to the Ferrari as a birthday gift to myself.

Rinschs defense attorneys argued the situation is a civil business disagreement rather than criminal fraud. They claim that the director, known for "47 Ronin," struggled to manage the creative and production demands of "White Horse," leaving the project incomplete.

Evidence presented at trial showed that shortly after receiving the Netflix funds, Rinsch transferred $10.5 million to a personal Wells Fargo account and later moved portions to a cryptocurrency exchange and other bank accounts. Overall, he reportedly transferred $13.7 million to a Bank of America account.

Through the Kraken exchange, Rinsch purchased multiple cryptocurrencies including Dogecoin, Etherium, Bitcoin Cash, and Tether. By April 2022, his Dogecoin and Etherium holdings were valued at approximately $755,000 and $939,000, respectively. FBI agents testified that these cryptocurrency trades were profitable, even if some stock investments were not.

Rinsch described himself as a prominent Dogecoin investor during a 2023 meeting with FBI agents, claiming he had grown wealthy during the pandemic and referring to himself as The Dogecoin Whale.

In earlier testimony, Rinsch maintained that purchases of four Rolls-Royces were intended for the production, not personal use. Netflix eventually wrote off the series as a loss in 2020.

Analysis: The Netflix "White Horse" Fraud Case

The trial of Carl Rinsch highlights a significant financial dispute between a high-profile director and a major streaming platform. According to court records, Netflix invested $11 million in Rinsch’s production company to complete "White Horse," but only partial work was delivered.

Evidence presented shows Rinsch spent over $9 million from funds intended for production on personal expenses, including luxury cars, furniture, and extensive food deliveries. Transfers to multiple bank accounts and cryptocurrency investments further complicated the financial trail.

Rinsch’s defense frames the matter as a civil business disagreement, attributing the incomplete series to creative and managerial challenges rather than intent to defraud. However, the scale and nature of the expenditures, as detailed by FBI testimony, suggest significant personal benefit from the Netflix investment.

The outcome of this case could set an important precedent regarding accountability and oversight in high-budget streaming productions, particularly when funds are transferred without stringent controls. Netflix has already written off the series as a loss, but the trial will determine whether criminal liability is warranted.

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• A Ferrari and over 480 takeout orders: FBI details spending spree of Netflix director in $11 million fraud case