Dhaka, March 19 -- director Carl Erik Rinsch, best known for directing 47 Ronin, was arrested Tuesday on charges of wire fraud and money laundering after allegedly defrauding Netflix of $11 million for a sci-fi series that never aired.

According to federal prosecutors, Netflix initially paid $44 million for Rinsch's unfinished show, White Horse. He later requested an additional $11 million, claiming it was needed to complete production. Instead, prosecutors say Rinsch diverted the funds into a personal brokerage account, where he made risky investments, losing about half within two months.

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The remaining funds were funneled into cryptocurrency, yielding profits that Ri...