A federal jury in Manhattan convicted filmmaker Carl Rinsch on December 11, 2025, of defrauding Netflix of $11 million that prosecutors said was intended to complete the science-fiction series “White Horse.” The streaming service never received the finished episodes.
Jurors found Rinsch guilty on all seven counts after less than five hours of deliberation, according to Business Insider’s courtroom reporting. The convictions included wire fraud, money laundering and unlawful monetary transactions.
Sentencing is scheduled for April 17, 2026. Business Insider reported that Rinsch faces up to 90 years in prison, though it said he was expected to receive a substantially shorter sentence.
The disputed production payment
Netflix had agreed to spend about $44 million on one season of “White Horse.” By late 2019, the production had exceeded that budget and remained unfinished, according to Business Insider.
Rinsch, who directed “47 Ronin,” filmed material on two continents before seeking more funding. In March 2020, Netflix sent his production company another $11 million after months of negotiations.
Former Netflix executives testified that the additional money was meant to finish the first season. Business Insider reported that an email from then-Netflix executive Bryan Noon, sent the day before the payment, specified production work including editing, storyboards, production design, location booking and preparations for further filming.
Rinsch gave a different account on the witness stand. He testified that most of the payment reimbursed him for costs he had personally covered when production exceeded its budget. He said Netflix expected only “soft pre-production” for a potential second season and estimated that the required work would cost $500,000, leaving $10.5 million as reimbursement. Former Netflix executives testified that the company had agreed to only one season.
Financial evidence and the defense
An FBI forensic accountant testified that Rinsch moved Netflix’s funds through multiple accounts, invested some in stocks and cryptocurrency, and spent other amounts on apparent personal expenses, according to Business Insider. Prosecutors argued that he had concealed his intentions when negotiating the additional funding.
In closing arguments, Assistant U.S. Attorney David Markewitz cited speculative trades and luxury 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.
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 declined to comment to Business Insider as he left court.
His attorney Benjamin Zeman told the publication he feared the verdict could “set a dangerous precedent” for artists involved in contractual and creative disputes with companies financing their work.