Hollywood director Carl Rinsch received a 2.5-year prison sentence Monday after conviction on charges of defrauding Netflix of $11 million for an unfinished series. The funds were spent on luxury purchases instead of production.
U.S. District Judge Jed S. Rakoff handed down the term in New York after Rinsch's December conviction on federal wire fraud charges. Prosecutors said Rinsch obtained the money by claiming it was needed to complete the sci-fi show White Horse but transferred it to personal accounts.
Rinsch spent portions of the funds on five Rolls-Royces, a Ferrari, $652,000 in watches and clothing, and $638,000 for two mattresses. He also lost about half the amount through speculative investments and cryptocurrency trades, according to trial evidence.
Rinsch, 48, cited mental health issues and medication problems during sentencing and apologized in court. Keanu Reeves submitted a letter requesting leniency, noting the director's creativity while acknowledging self-sabotage.
Prosecutors had sought a five-year term, arguing the case involved naked greed. Rinsch must also pay $11 million in restitution and faces three years of supervised release after prison. He is scheduled to report to prison in September.
