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A well-known film director was found guilty this week for masterminding a plot that defrauded the streaming service Netflix out of an astonishing $11 million allocated for a show that never materialized, prosecutors said.

Particulars of the Legal Proceedings

The director, most famous for directing the film *47 Ronin* featuring Keanu Reeves, was found guilty on several counts including financial fraud and money laundering, according to court records and government attorneys in New York.

"Today's verdict demonstrates that when someone steals from backers, we will follow the money and ensure they face consequences," stated the prosecutor.

Reported Fraudulent Plan

Prosecutors alleged that Netflix had originally disbursed Rinsch around $44 million for an unfinished sci-fi series called *White Horse*. Subsequently, the company provided an further $11 million after he asserted he required extra capital to complete production.

However, instead of allocating the money for the series, Rinsch diverted the capital to a private bank account. There, he made a string of unsuccessful stock market bets, losing roughly 50% of the multi-million dollar sum within a few months, according to the case.

Lavish Spending with Company Funds

Following the failed investments, Rinsch allegedly placed the remaining funds into the digital currency market, netting some profit. But, he then deposited those funds into his own account.

The subsequent actions involved major high-end spending. Authorities detailed purchases that included:

• Five Rolls-Royce vehicles and one sports car.
• More than $652,000 on designer watches and apparel.
• Two beds for approximately $638,000.
• An additional two hundred and ninety-five thousand dollars on high-end linens and home furnishings.

In addition, he reportedly used some of the funds to pay off about $1.8 million in credit card balances.

Court Reaction and Next Steps

In a statement, Rinsch's attorney expressed disagreement with the verdict, arguing it "establishes a concerning precedent for artists who become involved in contractual and creative disagreements with their financial backers."

Rinsch, 48, never completed the television series. His sentencing date is scheduled for April. The streaming platform declined to issue a statement on the conviction.