Netflix initially paid $44 million for the science fiction series "White Horse" and then another $11 million after Rinsch asked for additional funding to complete the project.
But the extra amount – equivalent to approximately 101 million kronor – that would have gone to production was instead transferred to the director's personal account where it was spent at a rapid pace.
According to the Hollywood Reporter, Rinsch, best known for the film “47 Ronin” with Keanu Reeves, lost half of his money on failed investments over a two-month period.
He then invested in cryptocurrencies, which generated a profit – money he used to buy, among other things, five Rolls-Royce cars, a Ferrari, more expensive furniture and a number of watches in the higher price range.
On Thursday, he was convicted by a New York court of fraud and money laundering, among other charges. The charges could carry up to 90 years in prison. Sentencing will be announced in April.
