In addition to virtual currency, Rinsch used the funds for “personal expenses and luxury items,” including more than $1.7 million on credit card bills, more than $395,000 on hotel stays, more than $3.7 million on furniture and antiques, and more than $2.4 million on the purchase of five Rolls Royces and a Ferrari, according to the press release.
Rinsch was found guilty. In December, he was charged with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison. He was also found guilty of “five counts of engaging in financial transactions in property derived from certain unlawful acts” and was sentenced to a maximum of 10 years in prison, the newspaper said. our weekly magazine.
Following the December verdict, Rinsch’s lawyer, Benjamin Zeman, shared his thoughts on the decision.
“I think this ruling was wrong, and I’m concerned that this could set a dangerous precedent for artists who find themselves in contractual and creative disputes with backers,” he told Variety. “In this case, one of the world’s largest media companies has been indicted by the federal government for fraud.”
