Hollywood Director Carl Rinsch Sentenced to 30 Months for Misappropriating $11M in Series Funding for Crypto Trading and Luxury Purchases

According to The Block, on June 30, Hollywood director Carl Erik Rinsch was sentenced to 30 months in prison for falsely claiming he needed an additional $11 million to complete the sci-fi series White Horse, when in fact he misappropriated the funds for personal use.

Rinsch lost over half the money within two months through stock option trading and crypto speculation. The remaining funds were spent on approximately $1.7 million in credit card debt, $3.3 million in furniture and antiques, $2.4 million on multiple Rolls-Royce vehicles and one Ferrari, and $387,000 on luxury watches. He was also ordered to forfeit the entire $11 million and faces three years of supervised release.