A federal jury in Manhattan convicted filmmaker Carl Rinsch on Thursday of defrauding Netflix of $11 million that prosecutors said was intended to finish the science-fiction series “White Horse.” Netflix never received the completed episodes.
Jurors found Rinsch guilty on all seven counts, including wire fraud, money laundering and unlawful monetary transactions, after less than five hours of deliberation. He faces up to 90 years in prison. Sentencing is scheduled for April 17, 2026.
The disputed $11 million payment
Netflix had agreed to spend about $44 million on one season of “White Horse.” Rinsch, who directed “47 Ronin,” filmed material on two continents, but by November 2019 the project was over budget and unfinished. In March 2020, after months of negotiations, Netflix sent his production company another $11 million.
Former Netflix executives testified that the additional funding was meant to finish the first season. An email from then-Netflix executive Bryan Noon, sent the day before the payment, specified work to be carried out over five weeks, including editing existing footage, preparing storyboards, production and costume design, booking locations, securing talent and building sets for further filming.
Rinsch testified that most of the payment was reimbursement for production costs he had covered personally. He said Netflix expected only “soft pre-production” for a potential second season, estimating that the required work would cost $500,000 and leave $10.5 million to reimburse him. Former Netflix executives testified that the company had agreed to only one season.
Financial evidence and the defense
FBI agent Michael Naccarelli testified that Rinsch transferred $10.5 million to a personal bank account days after Netflix made the payment, then moved portions of the money through other accounts, including the Kraken cryptocurrency exchange. Naccarelli described spending on furniture, cars, credit card bills, hotels, jewelry and art. He said the cryptocurrency investments were profitable; financial advisers separately testified about losses on Rinsch’s stock options trades.
In closing arguments, Assistant U.S. Attorney David Markewitz cited purchases including a $439,000 handmade Hästens mattress and Rolls-Royces. He argued that the spending did not serve the production and said the cars were insured in Rinsch’s own name. Prosecutors argued that Rinsch had concealed his intentions while negotiating the additional funding.
Defense attorney Daniel McGuinness argued that Rinsch lacked fraudulent intent and believed Netflix owed him about $11 million. He described the case as a contractual dispute arising from conflicting understandings of the payment. Rinsch also testified that the Rolls-Royces were intended for use in the show.
After the verdict, U.S. Attorney Jay Clayton said Rinsch had used money intended for a television production on speculative stock options and cryptocurrency transactions.
Rinsch’s attorney Benjamin Zeman said he feared the verdict could “set a dangerous precedent” for artists involved in contractual and creative disputes with companies financing their work.
