title: Netflix Executives Felt They Had a Hit on Their Hands

Back in 2018, Netflix executives felt they had a hit on their hands, based on 47 Ronin director Carl Rinsch's 2010 short film, The Gift

In 2018, executives at streaming platform Netflix were impressed by 47 Ronin director Carl Rinsch's 2010 short film, The Gift, which was originally released in 2010.

In 2018, executives at streaming platform Netflix were impressed by 47 Ronin director Carl Rinsch's 2010 short film, The Gift, which was originally released in 2010.

According to Variety, the streaming platform had to outbid Amazon, Apple and several other streamers for the rights to the project, in an auction that topped out at $55 million.

According to Variety, the streaming platform had to outbid Amazon, Apple and several other streamers for the rights to the project, in an auction that topped out at $55 million.

The streaming platform and Rinsch agreed to develop a 13-episode first season that was to be released in 2021. However, this is where things went very wrong.

During pre-production on the series, the cast and crew stated that Rinsch's behavior grew increasingly erratic. And amidst this change in behavior, Rinsch navigated tense divorce proceedings with his now ex-wife, Gabriela Rosés Bentancor, where he was forced to disclose his financial records.

The divorce court reportedly uncovered that Rinsch had lost almost $11 million of the show's production budget in the stock market. However, he then invested $4 million of the film's budget into Dogecoin during the height of the memecoin's cryptocurrency surge and was able to see his return on investment max out at $30 million.

However, Rinsch did not use these funds to reimburse Netflix, reportedly, he then went on a spending spree, buying expensive sports cars (5 Rolls-Royces), designer clothes, and expensive real estate and furniture.

After two years of arbitration between Netflix and Rinsch, it seems that the courts have decided that the director owes the streamer $11 million.

"Carl Rinsch allegedly stole more than $11 million from a prominent streaming platform to finance lavish purchases and personal investments instead of completing a promised television series,” FBI Assistant Director Leslie Backschies stated in the indictment, via Deadline.

"The FBI will continue to reel in any individual who seeks to defraud businesses."

Rinsch was arrested on Monday per the U.S. Attorney's Southern District of New York and charged with, "one count of wire fraud, which carries a maximum sentence of 20 years in prison; one count of money laundering, which carries a maximum sentence of 20 years in prison; and five counts of engaging in monetary transactions in property derived from specified unlawful activity, each of which carries a maximum sentence of 10 years in prison."

Below, you can check out Rinsch's original short film, which is still available to watch on YouTube. It's clear that the project had tons of potential but it's unlikely that it will ever be realized.

Per Rinsch, the show was said to be centered on, "a genius who invents an artificial, humanlike species called the Organic Intelligent. The O.I. are deployed to trouble spots around the globe to provide humanitarian aid, but humans eventually discover their true nature and turn against them. Rinsch referred to the show as, 'White Horse,' a reference to the first horseman of the apocalypse."