Hollywood director Carl Erik Rinsch was recently found guilty of using an $11 million business investment from Netflix to instead pay for personal luxury goods and six high-priced automobiles. The United States Attorney's Office for the Southern District of New York announced on Thursday, December 11, that Rinsch, 49, had been convicted for his role "in a fraudulent scheme" that involved funds he received to complete a science fiction TV show called White Horse, according to a news release. Instead of using the money for the show, Rinsch used it "to speculate on cryptocurrency, and on personal expenses and luxury items, including at least $1.7 million on credit card bills; at least $3.3 million on furniture, antiques, and mattresses; at least $387,000 on a Swiss watch; and at least $2.4 million on five Rolls Royces and a red Ferrari," according to the statement. Rinsch was convicted of one count of wire fraud and one count of money laundering. Both counts carry a maximum prison sentence of 20 years. Additionally, Rinsch faces up to 50 additional years behind bars after being found guilty of five counts of engaging in monetary transactions in property derived from specified unlawful activity. "Carl Erik Rinsch took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions," U.S. Attorney Jay Clayton said in a statement issued as part of a press release. "Today's conviction shows that when someone steals from investors, we will follow the money and hold them accountable." The Most Shocking True Crime Docs of 2024: 'Quiet on Set' and More The U.S. Attorney's Office said that Rinsch had "partially completed" White Horse. Additionally, he signed an agreement with Netflix that stated he would be paid "for the existing episodes." "Between 2018 and 2019, Streaming Company-1 paid approximately $44 million for White Horse," the statement read. Rinsch reportedly asked for even more money to make the show in 2019 and 2020. He was eventually given another $11 million, which was transferred through multiple bank accounts to a company he had control over in March 2020. "The entirety of those funds was to be spent on the completion of White Horse," the release said. "Within days, Rinsch began transferring the funds he received through a number of different bank accounts before consolidating them in a personal brokerage account." The release noted that Rinsch "used those funds to make a number of personal and speculative purchases of securities." "His trading was unsuccessful, and in less than two months after receiving $11 million from Streaming Company-1, Rinsch had lost more than half of those funds," officials said. Christina Ricci Addresses Danny Masterson Sentencing: 'Believe Victims' Before the ruling, Rinsch was arrested and charged with one count of wire fraud, one count of money laundering and five counts of engaging in monetary transactions in property derived from specified unlawful activity in March. Authorities initially claimed he spent $1.7 million on credit card bills, as well as $1.4 million on divorce lawyers and lawyers to sue Netflix for "even more money." Rinsch made his feature directorial debut with the 2013 film 47 Ronin, which stars Keanu Reeves. He later followed up the project with the 2015 short film The Shapeshifter.