Netflix Director Spending Spree: 480 Food Deliveries – FBI Investigation
Here’s a breakdown of the key details from the provided text, focusing on Carl Rinsch‘s financial activities and the fraud trial:
The Fraud:
* Carl Rinsch, a director who worked with Netflix, is accused of fraud involving $11 million he received for a film project (“White Horse”).
* He allegedly misrepresented the use of the funds,claiming they were for production costs (like Rolls-Royces) when they were not. He stated it “would be fraud otherwise” if the cars were for personal use.
* Netflix wrote off the “White Horse” production as a loss in 2020.
How the Money Was Moved:
* Rinsch moved funds to a kraken cryptocurrency exchange account and other bank accounts.
* Ultimately, $13.7 million ended up in his personal Bank of America account.
Cryptocurrency Investments:
* Rinsch invested in a variety of cryptocurrencies through Kraken, including Dogecoin, Ethereum, Bitcoin Cash, and Tether.
* His cryptocurrency investments were profitable. In April 2022:
* Dogecoin holdings: ~$755,000
* Ethereum holdings: ~$939,000
* He referred to himself as “The Dogecoin Whale,” claiming to have become wealthy during the pandemic through Dogecoin investments.
Other Details:
* while his stock investments were unsuccessful, his cryptocurrency investments performed well.
* The FBI investigated Rinsch, and an agent testified about Rinsch’s self-proclaimed status as a major Dogecoin trader.
* Rinsch was observed wearing a three-piece suit with a pink tie and pocket square during the trial.