Jay Clayton, U.S. Attorney for the Southern District of New York | Department of Justice
A Los Angeles-based director and writer, Carl Erik Rinsch, has been convicted of wire fraud and money laundering after stealing $11 million from a subscription video on-demand streaming service for a planned science fiction television show called “White Horse.” The conviction was announced by Jay Clayton, U.S. Attorney for the Southern District of New York. Rinsch’s sentencing is scheduled for April 17, 2026.
According to evidence presented at trial, Rinsch had an agreement with the streaming company in 2018 to be paid for existing episodes of “White Horse” and to receive additional funding to complete the series. The company paid about $44 million between 2018 and 2019. In early 2020, after demanding more funds, Rinsch received an additional $11 million intended solely for completing the show.
Instead of using the funds as agreed, Rinsch transferred them through various bank accounts into his personal brokerage account. He then used the money to make speculative trades in stock options and cryptocurrencies. Within two months, he lost more than half of the $11 million. The remaining funds were spent on personal expenses and luxury items such as credit card bills, furniture, antiques, mattresses, a Swiss watch valued at over $387,000, five Rolls Royces, and a red Ferrari.
“Carl Erik Rinsch took $11 million meant for a TV show and gambled it on speculative stock options and crypto transactions,” said U.S. Attorney Jay Clayton. “Today’s conviction shows that when someone steals from investors, we will follow the money and hold them accountable.”
Rinsch was found guilty of one count of wire fraud (maximum sentence: 20 years), one count of money laundering (maximum sentence: 20 years), and five counts of engaging in monetary transactions involving property derived from unlawful activity (each carrying up to 10 years). Sentencing will be determined by a judge.
Jay Clayton commended the work of the Federal Bureau of Investigation and Internal Revenue Service Criminal Investigation in this case. The prosecution is being handled by Assistant U.S. Attorneys Timothy V. Capozzi, Jackie Delligatti, David A. Markewitz, Kevin Mead, Adam Sowlati, with support from Paralegal Specialists Maria Larracuente and William Coleman.
