Carl Erik Rinsch, the director accused in March 2025 of diverting $11 million intended to finish the science-fiction series White Horse, was convicted by a jury on all seven counts in December 2025. On June 29, 2026, he was sentenced to 30 months in prison, three years of supervised release, $11 million in forfeiture and $700 in mandatory special assessments.
What happened in the case?
The March 18, 2025 announcement was about charges, not a conviction. The U.S. Department of Justice said an unsealed seven-count indictment accused Rinsch of fraud connected to money provided by a subscription streaming service. DOJ’s charging release called the service “Streaming Company-1”; news coverage identified it as Netflix.
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After a one-week trial, a jury found Rinsch guilty on all seven counts on December 11, 2025. U.S. Attorney Jay Clayton said, “Carl Erik Rinsch took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions.” Judge Jed S. Rakoff imposed the sentence on June 29, 2026. The case therefore progressed from an allegation to a jury verdict and then a sentence.
How did the $11 million become part of the dispute?
DOJ’s account says Rinsch agreed in 2018 to deliver existing episodes of White Horse and receive funding to complete the rest. The streaming service paid approximately $44 million between 2018 and 2019, according to DOJ’s December 2025 conviction announcement. That earlier project funding is separate from the additional $11 million at the center of the fraud case.
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Between late 2019 and early 2020, Rinsch sought more money to finish the series. DOJ says the service agreed to provide an additional $11 million, transferred to a company Rinsch controlled on or about March 6, 2020. The money was intended to complete White Horse, according to the same DOJ account.
What does DOJ say happened to the money?
DOJ’s December 2025 summary of trial evidence says Rinsch moved the funds through multiple bank accounts into a personal brokerage account and used them for speculative securities trading. He lost more than half the money in less than two months, DOJ said. The remaining funds went toward cryptocurrency speculation and personal expenses, according to DOJ.
The department’s post-verdict summary listed at least $1.7 million in credit-card bills, at least $3.3 million on furniture, antiques and mattresses, at least $387,000 for a Swiss watch, and at least $2.4 million on five Rolls-Royces and a red Ferrari. These are figures in DOJ’s summary of trial evidence, not an independent accounting presented here.
What was the sentence?
In its June 29, 2026 sentencing announcement, DOJ said Rinsch received:
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- 30 months in prison;
- three years of supervised release;
- $11 million in forfeiture; and
- $700 in mandatory special assessments.
U.S. Attorney Jay Clayton said, “Today’s sentence sends a deterrent message: fraud will not be tolerated.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to White Horse?
DOJ describes White Horse as a planned, partially completed science-fiction series. Its releases do not establish that the show was completed or released, or that it is available to stream or buy. The case concerns additional funds DOJ says were intended to finish the series, not a confirmed release of the work.
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