Hollywood director Carl Erik Rinsch has been convicted in U.S. federal court on fraud and money laundering charges after misappropriating $11 million from Netflix, funds that were meant to complete a science fiction television series that never materialized. Prosecutors said Rinsch diverted the money into personal accounts, lost roughly half through high-risk investments, and spent the rest on crypto, luxury cars, expensive watches, and an extravagant lifestyle. Investigators also revealed that he invested in Dogecoin (DOGE), a popular meme coin, and was at one point reported to have generated tens of millions of dollars in profits. The case has become a cautionary tale about the risks of mixing entertainment production budgets with speculative investing. Rinsch now faces a potential sentence of up to 90 years in prison, with sentencing scheduled for April 2026.