By rikififi90 
Carl Erik Rinsch, an American filmmaker known for directing 47 Ronin, was arrested in Los Angeles on Wednesday, March 19, facing charges of embezzling $11 million from Netflix. The funds were part of the budget for Conquest, a science fiction series poised to be a landmark production on the platform, boasting stars like Bruna Marquezine and Keanu Reeves in its cast. Filmed in locations including São Paulo, the project was shelved in 2021 amid controversies over the director’s erratic behavior and misuse of funds. The arrest concludes an investigation that uncovered a scheme involving fraud and money laundering, leaving Netflix with a multimillion-dollar loss and the series indefinitely stalled.
The saga began in 2018 when Netflix secured the rights to Conquest for $44 million, outbidding major players like Amazon and Apple. The platform saw the project as a chance to build a franchise on par with Stranger Things, granting Rinsch unprecedented creative control, a rare privilege even for seasoned directors. With just one feature film under his belt, Rinsch persuaded Netflix to allocate an additional $11 million in 2020, claiming it was necessary to complete the first season. However, no episodes were delivered, and the money was diverted to ventures far removed from production, including risky investments and lavish personal purchases.
Director Carl Rinsch has been arrested for misusing $11M from Netflix for a sci-fi series
He faces up to 20 years in prison after allegedly spending the money on luxury items
via Deadline pic.twitter.com/FL87HO518D
— Dexerto (@Dexerto) March 19, 2025
Beyond the financial toll, the case exposed a chaotic behind-the-scenes environment. During filming in São Paulo, Montevideo, and Budapest, Rinsch faced allegations of mistreating crew members, with reports of shouting and grueling work hours. The FBI, spearheading the investigation, labeled the incident one of the largest scams ever perpetrated against a streaming platform, filing seven formal charges against the director. If convicted on all counts, he could face up to 60 years in prison.
How it all started: the ambitious Conquest project
Keanu Reeves’ involvement was a major draw for Conquest. A friend of Rinsch since 47 Ronin, the actor not only joined the cast but also served as a producer and early investor, helping kickstart the project before Netflix stepped in. In 2019, Reeves visited São Paulo to negotiate tax incentives with city and state officials, while filming on Avenida Paulista signaled the start of a production set to depict a dystopian future. Bruna Marquezine, a Brazilian star with growing international recognition, was cast in a key role, sparking excitement among fans.
The storyline, rooted in science fiction, centered on artificial beings dispatched to mediate global conflicts, only to trigger a worldwide crisis upon discovery. Despite its promising premise, the series hit roadblocks early on. Rinsch frequently revised the script, causing delays and inflating costs. Netflix, initially optimistic, grew wary as deadlines slipped and financial reports revealed discrepancies.
Early warning signs on set
Filming in São Paulo laid bare the tensions behind the scenes. Extras and crew members described a disorganized atmosphere, with Rinsch displaying excessive frustration and disregard. The local film industry union stepped in after complaints about neglected safety and health standards. These incidents, coupled with the lack of tangible progress, eroded Netflix’s trust, which had already sunk tens of millions into a project yielding no results.
The $11 million detour: from cryptocurrencies to luxury cars
After securing the additional $11 million in 2020, Carl Erik Rinsch funneled the funds into personal accounts, bypassing production obligations. He invested a portion in high-risk stocks, including Gilead Sciences, a biopharma company researching Covid-19 treatments, losing $6 million in days. Undeterred, he poured the remaining $4 million into Dogecoin, a cryptocurrency that unexpectedly paid off. In May 2021, riding a surge fueled by Elon Musk, Rinsch cashed out for $27 million.
What followed stunned investigators. Rather than reinvesting in Conquest, the director splurged on extravagances: five Rolls-Royces, a Ferrari, $3.8 million in luxury furniture, expensive watches, and even two beds costing $638,000. In court, Rinsch claimed these purchases were props for the series, a defense dismissed by both Netflix and authorities. The FBI traced the transactions, confirming the funds were siphoned for personal gain, establishing charges of wire fraud and money laundering.
Timeline of the scandal: key milestones
The journey of Conquest is a tale of big bets and bigger setbacks. Here are the pivotal moments:
- 2018: Netflix acquires the series rights for $44 million, beating out rival platforms.
- 2019: Filming kicks off in São Paulo with Keanu Reeves and Bruna Marquezine in tow.
- 2020: Rinsch requests and receives an extra $11 million, then diverts it to personal ventures.
- March 2021: Netflix halts funding after realizing no episodes are complete.
- May 2021: Rinsch nets $27 million from Dogecoin and spends it on luxury items.
- March 19, 2025: The director is arrested in Los Angeles, facing seven financial charges.
This timeline illustrates how a high-stakes venture unraveled into a financial and legal disaster, with ripples still felt across the entertainment industry.
Netflix’s response and the legal showdown
Reeling from the loss, Netflix severed ties with Rinsch in 2021, allowing him to shop Conquest to other platforms provided the investment was repaid. No buyers emerged, and the company launched an arbitration lawsuit to recover the $11 million infusion. Rinsch countered, claiming Netflix breached the contract and owed him $14 million in damages, while insisting the luxury purchases were production-related—an argument the presiding judge rejected.
The arrest hasn’t resolved the legal battle. Netflix branded the ordeal a case of mismanagement and irresponsibility, while Rinsch maintains the funds were rightfully his under the deal. The upcoming trial, which could lock him away for decades, promises further twists in this saga of ambition, excess, and crime.
Fallout for the cast and the streaming industry
Bruna Marquezine, eyeing a global breakthrough, saw Conquest as a golden opportunity. Its cancellation dashed those hopes, though her role was confined to early shoots. Keanu Reeves, less entangled as a producer and actor, emerged relatively unscathed, but the project’s collapse tarnished a collaboration that could have united two powerhouse talents in a groundbreaking series.
For the streaming world, the incident raises red flags about financial oversight and project management. Netflix, often critiqued for bold spending, now grapples with a precedent exposing weaknesses in deals with untested directors. The $55 million-plus loss, with no episodes to show, underscores the need for tighter controls to safeguard platform investments.
Fascinating facts about the Conquest scandal
The Rinsch debacle unveiled a mix of Hollywood flair, tech gambles, and excess. Here are some standout details:
- He racked up $1.8 million in credit card bills, including stays at the Four Seasons.
- During production, Rinsch emailed Netflix with bizarre Covid-19 theories, claiming to predict lightning and volcanic eruptions.
- The Dogecoin windfall was a rare win amid failed bets, like the $6 million stock market flop.
- The series cycled through two working titles—White Horse and Conquest—mirroring the director’s indecision.
These quirks turned the case into a story fit for the screen—one that, ironically, will never see the light of day.
Carl Erik Rinsch, an American filmmaker known for directing 47 Ronin, was arrested in Los Angeles on Wednesday, March 19, facing charges of embezzling $11 million from Netflix. The funds were part of the budget for Conquest, a science fiction series poised to be a landmark production on the platform, boasting stars like Bruna Marquezine and Keanu Reeves in its cast. Filmed in locations including São Paulo, the project was shelved in 2021 amid controversies over the director’s erratic behavior and misuse of funds. The arrest concludes an investigation that uncovered a scheme involving fraud and money laundering, leaving Netflix with a multimillion-dollar loss and the series indefinitely stalled.
The saga began in 2018 when Netflix secured the rights to Conquest for $44 million, outbidding major players like Amazon and Apple. The platform saw the project as a chance to build a franchise on par with Stranger Things, granting Rinsch unprecedented creative control, a rare privilege even for seasoned directors. With just one feature film under his belt, Rinsch persuaded Netflix to allocate an additional $11 million in 2020, claiming it was necessary to complete the first season. However, no episodes were delivered, and the money was diverted to ventures far removed from production, including risky investments and lavish personal purchases.
Director Carl Rinsch has been arrested for misusing $11M from Netflix for a sci-fi series
He faces up to 20 years in prison after allegedly spending the money on luxury items
via Deadline pic.twitter.com/FL87HO518D
— Dexerto (@Dexerto) March 19, 2025
Beyond the financial toll, the case exposed a chaotic behind-the-scenes environment. During filming in São Paulo, Montevideo, and Budapest, Rinsch faced allegations of mistreating crew members, with reports of shouting and grueling work hours. The FBI, spearheading the investigation, labeled the incident one of the largest scams ever perpetrated against a streaming platform, filing seven formal charges against the director. If convicted on all counts, he could face up to 60 years in prison.
How it all started: the ambitious Conquest project
Keanu Reeves’ involvement was a major draw for Conquest. A friend of Rinsch since 47 Ronin, the actor not only joined the cast but also served as a producer and early investor, helping kickstart the project before Netflix stepped in. In 2019, Reeves visited São Paulo to negotiate tax incentives with city and state officials, while filming on Avenida Paulista signaled the start of a production set to depict a dystopian future. Bruna Marquezine, a Brazilian star with growing international recognition, was cast in a key role, sparking excitement among fans.
The storyline, rooted in science fiction, centered on artificial beings dispatched to mediate global conflicts, only to trigger a worldwide crisis upon discovery. Despite its promising premise, the series hit roadblocks early on. Rinsch frequently revised the script, causing delays and inflating costs. Netflix, initially optimistic, grew wary as deadlines slipped and financial reports revealed discrepancies.
Early warning signs on set
Filming in São Paulo laid bare the tensions behind the scenes. Extras and crew members described a disorganized atmosphere, with Rinsch displaying excessive frustration and disregard. The local film industry union stepped in after complaints about neglected safety and health standards. These incidents, coupled with the lack of tangible progress, eroded Netflix’s trust, which had already sunk tens of millions into a project yielding no results.
The $11 million detour: from cryptocurrencies to luxury cars
After securing the additional $11 million in 2020, Carl Erik Rinsch funneled the funds into personal accounts, bypassing production obligations. He invested a portion in high-risk stocks, including Gilead Sciences, a biopharma company researching Covid-19 treatments, losing $6 million in days. Undeterred, he poured the remaining $4 million into Dogecoin, a cryptocurrency that unexpectedly paid off. In May 2021, riding a surge fueled by Elon Musk, Rinsch cashed out for $27 million.
What followed stunned investigators. Rather than reinvesting in Conquest, the director splurged on extravagances: five Rolls-Royces, a Ferrari, $3.8 million in luxury furniture, expensive watches, and even two beds costing $638,000. In court, Rinsch claimed these purchases were props for the series, a defense dismissed by both Netflix and authorities. The FBI traced the transactions, confirming the funds were siphoned for personal gain, establishing charges of wire fraud and money laundering.
Timeline of the scandal: key milestones
The journey of Conquest is a tale of big bets and bigger setbacks. Here are the pivotal moments:
- 2018: Netflix acquires the series rights for $44 million, beating out rival platforms.
- 2019: Filming kicks off in São Paulo with Keanu Reeves and Bruna Marquezine in tow.
- 2020: Rinsch requests and receives an extra $11 million, then diverts it to personal ventures.
- March 2021: Netflix halts funding after realizing no episodes are complete.
- May 2021: Rinsch nets $27 million from Dogecoin and spends it on luxury items.
- March 19, 2025: The director is arrested in Los Angeles, facing seven financial charges.
This timeline illustrates how a high-stakes venture unraveled into a financial and legal disaster, with ripples still felt across the entertainment industry.
Netflix’s response and the legal showdown
Reeling from the loss, Netflix severed ties with Rinsch in 2021, allowing him to shop Conquest to other platforms provided the investment was repaid. No buyers emerged, and the company launched an arbitration lawsuit to recover the $11 million infusion. Rinsch countered, claiming Netflix breached the contract and owed him $14 million in damages, while insisting the luxury purchases were production-related—an argument the presiding judge rejected.
The arrest hasn’t resolved the legal battle. Netflix branded the ordeal a case of mismanagement and irresponsibility, while Rinsch maintains the funds were rightfully his under the deal. The upcoming trial, which could lock him away for decades, promises further twists in this saga of ambition, excess, and crime.
Fallout for the cast and the streaming industry
Bruna Marquezine, eyeing a global breakthrough, saw Conquest as a golden opportunity. Its cancellation dashed those hopes, though her role was confined to early shoots. Keanu Reeves, less entangled as a producer and actor, emerged relatively unscathed, but the project’s collapse tarnished a collaboration that could have united two powerhouse talents in a groundbreaking series.
For the streaming world, the incident raises red flags about financial oversight and project management. Netflix, often critiqued for bold spending, now grapples with a precedent exposing weaknesses in deals with untested directors. The $55 million-plus loss, with no episodes to show, underscores the need for tighter controls to safeguard platform investments.
Fascinating facts about the Conquest scandal
The Rinsch debacle unveiled a mix of Hollywood flair, tech gambles, and excess. Here are some standout details:
- He racked up $1.8 million in credit card bills, including stays at the Four Seasons.
- During production, Rinsch emailed Netflix with bizarre Covid-19 theories, claiming to predict lightning and volcanic eruptions.
- The Dogecoin windfall was a rare win amid failed bets, like the $6 million stock market flop.
- The series cycled through two working titles—White Horse and Conquest—mirroring the director’s indecision.
These quirks turned the case into a story fit for the screen—one that, ironically, will never see the light of day.
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