’47 Ronin’ director convicted of wire fraud, money laundering
Carl Erik Rinsch, known for directing the movie “47 Ronin,” was convicted of wire fraud and money laundering for misappropriating funds provided by Netflix for a science-fiction series, the U.S. Attorney’s Office in New York announced.
- Hollywood director Carl Erik Rinsch was convicted of wire fraud and money laundering for misusing Netflix funds.
- Prosecutors said Rinsch diverted the money into personal accounts and speculative trades—including Dogecoin—and luxury items.
- Rinsch faces up to 20 years per fraud and laundering count.
Rinsch was found guilty of one count of wire fraud and one count of money laundering, each carrying a maximum sentence of 20 years in prison.
Prosecutors also secured convictions on five counts of engaging in monetary transactions in property derived from specified unlawful activity, with each count carrying a maximum sentence of 10 years. Sentencing is scheduled for April 17, 2026.
According to the indictment unsealed in Manhattan federal court on March 18, Rinsch reached an agreement with Netflix in 2018 to produce episodes of a science-fiction series. After spending the initial budget, the streaming service transferred additional funds in March 2020 to complete the project. The series was never finished, according to federal prosecutors.
Within days of receiving the additional funds, Rinsch transferred the money through multiple bank accounts and into a personal brokerage account, prosecutors said. The funds were then used to make speculative securities purchases, according to the announcement.
“His trading was unsuccessful, and within two months after receiving the additional funds, Rinsch had lost more than half of them,” the U.S. Attorney’s Office stated.
Prosecutors alleged that Rinsch spent a portion of the funds on stock options and cryptocurrency, including Dogecoin. Despite reportedly realizing a substantial profit on the Dogecoin investment, the funds were intended for production expenses, according to the indictment.
Rinsch also spent millions on luxury items, credit card bills, and additional cryptocurrency investments, prosecutors said.
Rinsch’s attorney argued that the verdict could set a precedent that would allow contractual and creative disputes between artists and financial backers to result in federal fraud charges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Emerging Prospects in EdTech and AI-Powered Learning Systems: Ways Educational Institutions Are Transforming Programs and Enhancing Student Achievement
- AI is transforming education by reshaping curricula, enhancing student engagement, and optimizing institutional efficiency. - Universities like Florida and ASU integrate AI literacy across disciplines, offering microcredentials and fostering innovation. - AI tools like Georgia Tech’s Jill Watson and Sydney’s Smart Sparrow boost performance and engagement through personalized learning. - AI streamlines administrative tasks but faces challenges like ethical misuse and skill gaps, requiring structured train
Anthropological Perspectives on Technology and Their Impact on Education and Workforce Preparedness for the Future
- Interdisciplinary STEM/STEAM education integrates technology tools like AI and VR to bridge theory and real-world skills, driven by $163B global edtech growth. - U.S. faces 411,500 STEM teacher shortages and 28% female workforce representation gaps, prompting equity-focused programs like Girls Who Code. - STEM occupations earn $103K median wages (vs. $48K non-STEM), with 10.4% job growth projected through 2033, driving investor opportunities in edtech and workforce alignment. - Strategic investments in t
The Revival of Educational Technology in Higher Education After the Pandemic
- Global EdTech market grows to $7.3T by 2025, driven by hybrid learning and AI/AR/VR adoption in higher education. - Institutions like MIT and Harvard integrate AI across disciplines, boosting enrollment and workforce alignment through $350M-$500M investments. - EdTech platforms enabling personalized learning and immersive experiences see rising demand, with 45% annual growth in AI-related programs since 2020. - Undervalued EdTech stocks offer investment opportunities as $16B+ VC funding accelerates innov
Navigating the Fluctuations of AI Tokens: Insights Gained from the ChainOpera AI Downturn
- ChainOpera AI's (COAI) 2025 token crash from $44.90 to $0.52 highlights systemic risks in AI-driven crypto projects due to centralized governance and regulatory ambiguity. - The CLARITY Act's regulatory framework created short-term volatility while exposing fragility in AI-linked tokens like algorithmic stablecoins xUSD and deUSD. - Investors must prioritize diversification, technical due diligence (e.g., EY six-pillar model), and compliance tools to mitigate risks in volatile AI crypto markets. - Succes
Trending news
MoreCrypto prices
More
