In brief
Director Carl Rinsch was sentenced Monday to 30 months in prison for defrauding Netflix of $11 million meant to finish a sci-fi series he never delivered.
Rinsch lost millions on stock options, then turned the remaining $4 million into nearly $27 million on a Dogecoin bet, prosecutors said.
He spent the windfall on Rolls-Royces, a Ferrari, and a $388,000 watch, and must now repay Netflix $11 million in restitution.
A Hollywood director who took $11 million from Netflix to finish a TV show, then gambled it on crypto, is heading to prison.Carl Erik Rinsch, who directed Keanu Reeves in the 2013 film "47 Ronin," was sentenced on Monday to 30 months for defrauding Netflix, capping a saga of failed trades and lavish spending. U.S. District Judge Jed Rakoff also ordered three years of supervised release and $11 million in restitution.
