47 RONIN Director Faces FBI Indictment for Allegedly Misusing $11M
Two years after rumors initially emerged about 47 Ronin director Carl Erik Rinsch squandering a significant production budget from Netflix on dogecoin, the FBI has formally charged the troubled filmmaker.
Back in 2018, Netflix believed they had a smash hit in the making, primarily because of 47 Ronin director Carl Rinsch’s 2010 short film, The Gift. Netflix had to outbid other major streaming services, such as Amazon and Apple, in a bidding war that ultimately cost the streaming giant $55 million. Netflix and Rinsch reached an agreement to work on a 13-episode initial season set to premiere in 2021. However, everything took a turn for the worse.
During the series’ pre-production phase, cast and crew members noted a drastic change in Rinsch’s behavior, which was becoming increasingly erratic. Concurrently, Rinsch was dealing with a challenging divorce from his now ex-wife, Gabriela Rosés Bentancor, during which he was compelled to disclose his financial records. The divorce proceedings unveiled that Rinsch had squandered nearly $11 million of the show’s budget in the stock market. However, he then decided to invest $4 million of the film’s funding into Dogecoin during the peak frenzy surrounding the meme-based cryptocurrency. Ultimately, his investment surged to $30 million, but instead of reimbursing Netflix, Rinsch chose to embark on a spending spree, splurging on luxury cars, designer attire, and upscale properties.
Following two years of back-and-forths between Netflix and Rinsch, it appears that the legal system has ruled in favor of the streaming giant, claiming that the director owes them $11 million. The FBI’s Assistant Director, Leslie Backschies, conveyed in the indictment that Rinsch supposedly embezzled over $11 million from a prominent streaming platform to finance opulent purchases and personal ventures rather than fulfilling his commitment to a TV series. The director was taken into custody by the U.S. Attorney’s Southern District of New York and is facing charges of wire fraud, money laundering, and engaging in transactions involving illicitly sourced funds.
Despite the potential that Rinsch’s original short film exhibited for the project, it is improbable that this potential will ever come to fruition. The show, titled “White Horse,” revolved around a brilliant individual who devised an artificial human-like species known as the Organic Intelligent to provide aid in humanitarian crises. However, humans eventually turn against these entities once their true nature is revealed.
The director’s fall from grace serves as a cautionary tale about financial irresponsibility and the dire consequences of deception and fraud within the entertainment industry. The indictment represents a stern warning to others who may consider exploiting their positions for personal gain at the expense of their professional obligations.
