The director of "47 Ronin" is accused of misappropriating $11 million in Netflix funds to purchase cryptocurrency

ChainCatcher news, according to Decrypt, the director of the movie "47 Ronin," Carl Rinsch, has been arrested for allegedly embezzling $11 million from Netflix and is facing charges of telecommunications fraud and money laundering.

Prosecutors allege that Rinsch applied for additional funds from Netflix in 2020 under the pretext of completing the sci-fi series "White Horse," but actually transferred the money into his personal account for investment trading.

According to the indictment, Rinsch had lost more than half of the funds by the end of April 2020, using them for highly speculative options and cryptocurrency trading. Reports indicate that if convicted on all charges, Rinsch could face up to 90 years in prison.