Hollywood director Carl Erik Rinsch was arrested in West Hollywood on March 19 and charged with fraud and money laundering for $11 million, The Block reports. Rinsch is accused of defrauding a video streaming service (Netflix, according to multiple media reports including the Associated Press) over a sci-fi series called White Horse that ultimately failed to air. According to the indictment, Rinsch reached an agreement with Netflix in 2018 to receive $44 million to produce the sci-fi drama White Horse. At the end of 2019, he asked for an additional $11 million, but instead of using it for series production, he transferred it to his personal account to speculate in stocks and cryptocurrencies, losing more than half of his money in two months. He also used some of the funds for personal luxury consumption, including the purchase of five Rolls Royces and a Ferrari. The New York Times previously reported that Rinsch increased his $4 million worth of Dogecoin holdings to $27 million in May 2021. Currently, Rinsch, 47, faces multiple charges punishable by up to 20 years in prison and has been released on $100,000 bail.