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Carl Erik Rinsch, the director known for the 2013 movie 47 Ronin, has been charged with defrauding Netflix out of $11 million. He faces a seven-count indictment that accuses him of stealing funds for producing a show titled White Horse.
47 Ronin Director Fund Misuse
In 2018, Rinsch received an investment of $44 million to fund White Horse. However, between 2019 and 2020, he reportedly acquired an extra $11 million for the show’s production. Instead of using this money as promised, the 47 Ronin Director allegedly funneled it through a complicated network of accounts. He then put the misappropriated funds into his brokerage accounts, using them for his benefit.
Specifically, the indictment claims that the film director used the funds to trade cryptocurrencies and stocks. Currently, Rinsch faces wire fraud charges, money laundering, and other illegal activities. Rinsch could spend up to 20 years in prison for the wire fraud charge alone if found guilty. Other charges could also add 10 to 20 years to the sentence.
Meanwhile, a Los Angeles court is handling the case, which is attracting attention due to its serious impact on Rinsch’s career and freedom. It is worth noting that Rinsch was released on a $100,000 bail bond after a decision by U.S. Magistrate Judge Pedro V. Castello. The investigation and legal process continue while a court date has not been set.
Washington Pastor Busted for Allegedly Swindling Funds
Recall that earlier in the year, Francier Obando Pinillo, a former Tri-Cities pastor of a Pasco church, pleaded innocent to crypto scam and wire fraud charges. According to court documents, Pinillo was accused of collecting $5.9 million from church members and others he promised risk-free cryptocurrency investments.
The report states that Pinillo assured investors of 40% returns. However, rather than invest the funds, he allegedly diverted them into his and the co-conspirator’s accounts. The 51-year-old was finally arrested in Miami on December 5, 2024, on one count of unlicensed money-transmitting business and 25 counts of wire fraud. If found guilty, the accused could face up to 20 years in jail for the alleged crimes.
Growing Sophistication in Crypto Fraud Cases
Similarly, Chirag Tomar was sentenced to five years in prison in 2024 for his involvement in a crypto scam scheme.
Tomar swindled victims out of over $20 million. Tomar and his associates orchestrated an intricate scam by creating fake websites to look like cryptocurrency exchange Coinbase. Tomar and his co-conspirators transferred the stolen funds into wallets they controlled, allowing them to profit from victims’ losses.
Meanwhile, according to blockchain analytics firm Chainalysis, 43% of scam-related inflows in 2024 have been directed to wallets activated that same year. This shows a growing trend of fraudsters launching short-lived but high-impact operations.
