A Hollywood writer-director has been arrested on charges that he swindled $11 million from Netflix for a sci-fi show that never aired, instead steering the cash toward cryptocurrency investments and a series of lavish purchases that included a fleet of Rolls-Royces and a Ferrari.

A Hollywood director has been arrested and charged with defrauding Netflix out of millions of dollars in connection with a streaming show that was never completed. In an indictment unsealed Tuesday, prosecutors alleged "47 Ronin" director Carl Rinsch engaged in a scheme to defraud Netflix after securing $11 million from the company but not using the money for its intended purpose of completing an unfinished science-fiction series.

Hollywood director Carl Erik Rinsch has been arrested for allegedly cheating Netflix out of $11 million. The Associated Press reported that Rinsch spent the money on personal purchases instead of a sci-fi show with the streaming service.