Netflix has made a name for itself by consistently investing in original productions to maintain its position as a streaming giant. While many of these projects never see the light of day, and others are canceled shortly after release, there is always hope for the next big hit. However, in a shocking turn of events, one director allegedly pocketed millions of euros without ever filming a single episode of a commissioned series.
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The Phantom Series: Conquest
Netflix revolutionized the way we consume media, moving from DVD rentals to creating its own platform for on-demand streaming. With hits like La Casa de Papel, Squid Game, and Stranger Things, the platform has become synonymous with quality content. However, not all projects meet expectations. Some are canceled after just one season, while others are quietly abandoned, never seeing the light of day.
But the case at hand is not just another show that never aired. The story begins with Carl Erik Rinsch, a director known for 47 Ronin, who was awarded a Netflix contract to create a 13-episode series. Initially titled White Horse, the project was later renamed Conquest. The series was to explore the world of advanced humanoid clones, far exceeding expectations for artificial intelligence. Netflix invested a substantial $44 million between 2018 and 2019 to bring the project to life.
However, Rinsch requested an additional $11 million (around €10.1 million), raising the total budget to $55 million for the series. Despite these extra funds, the series would never be completed.
Alleged Fraud: Money Intended for the Series Spent on Personal Luxuries
On March 18, 2025, Carl Erik Rinsch was arrested by the FBI on charges of fraud and money laundering. He stands accused of embezzling the additional $11 million granted by Netflix, intended to fund the completion of Conquest, but instead using it for personal expenses and investments.
Leslie Backschies, deputy director of the FBI, issued a statement saying: “Carl Erik Rinsch allegedly misappropriated more than $11 million entrusted by a major streaming platform to fund luxurious purchases and personal investments, instead of completing the promised TV series.”
Once the funds were transferred, Rinsch reportedly moved $10.5 million into his personal bank account and spent almost the entire amount within two months. Among his purchases were luxury goods, including five Rolls-Royce cars, a Ferrari, expensive jewelry, and designer clothing. He even attempted, unsuccessfully, to spend $1 million suing Netflix.
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In addition to his extravagant spending, Rinsch allegedly submitted false reports to Netflix, claiming that production on Conquest was progressing smoothly. However, after several months of receiving misleading updates, Netflix decided to pull the plug on the series in 2021.
Rinsch tried to justify his purchases, claiming that these items were for the production, but an independent mediator found no evidence that any of these items were useful for the series. According to the mediator’s report, these were purely personal expenditures with no connection to the intended project.
The Legal Battle: What Happens Next?
Rinsch pleaded not guilty during his first hearing, and the trial date is still to be determined. The case highlights a troubling issue in the entertainment industry, where large sums of money are entrusted to individuals with little oversight. It’s an example of how ambitious projects can be derailed by personal greed, leaving not only a valuable opportunity squandered but also trust between partners shattered.
While Conquest will never be made, the ramifications of this alleged fraud are far-reaching. The world of high-budget TV productions now faces increased scrutiny, and Netflix will likely reassess its approach to commissioning future projects. As for Rinsch, the outcome of his legal battle remains uncertain, but it serves as a cautionary tale for anyone handling large-scale entertainment investments.