Hollywood writer-director Carl Erik Rinsch, best known for directing 47 Ronin, was arrested Tuesday on charges of wire fraud and money laundering after allegedly defrauding Netflix of $11 million for a sci-fi series that never aired.

According to federal prosecutors, Netflix initially paid $44 million for Rinsch’s unfinished show, White Horse. He later requested an additional $11 million, claiming it was needed to complete production. Instead, prosecutors say Rinsch diverted the funds into a personal brokerage account, where he made risky investments, losing about half within two months.

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The remaining funds were funneled into cryptocurrency, yielding profits that Rinsch later transferred to a personal bank account. Prosecutors allege he then went on a lavish spending spree, purchasing:

$2.4 million worth of Rolls-Royces (five) and a Ferrari
$3.8 million on furniture and antiques
$652,000 on luxury watches and clothing
$1.8 million to pay off credit card bills
$1 million in legal fees—ironically, to sue Netflix for more money
Rinsch, 47, was arrested in West Hollywood and appeared in a Los Angeles federal court wearing a turtleneck sweater and jeans, shackled at the arms and legs. He did not enter a plea but confirmed he understood the charges.

U.S. Magistrate Judge Pedro V. Castillo approved his release on a $100,000 bond, requiring him to appear in New York, where his indictment was filed. His court date has yet to be set.

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His attorney, Annie Carney, declined to comment but noted the allegations were “purely financial.”

Netflix has not responded to requests for comment.

Source: With input from agency