Hollywood writer-director Rinsch was arrested Tuesday 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.

Carl Erik Rinsch, perhaps best known for directing the film “47 Ronin”, has been charged with wire fraud and money laundering over what federal prosecutors allege was a scheme to defraud the streaming giant.

In an indictment, prosecutors claimed that Netflix had paid Rinsch approximately $44 million to buy an unfinished show called “White Horse,” but later gave him an additional $11 million after he claimed he needed the money to finish the show.

Instead of using the extra funds to finish production, Rinsch discreetly moved them to a personal broking account, where he made a string of unsuccessful investments that cost him roughly half of the $11 million in two months.

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The filmmaker then invested the remaining funds in the cryptocurrency market, which turned out to be a profitable venture, and Rinsch eventually transferred the profits into a personal bank account.

From there, Rinsch spent about $10 million on personal expenses and luxury items in a spending spree that, according to prosecutors, included about $1.8 million on credit card bills,$1 million on lawyers to sue Netflix for more money, $3.8 million on furniture and antiques,$2.4 million for five Rolls-Royces and one Ferrari,and $652,000 on watches and clothes.

Rinsch, 47, was arrested in West Hollywood, California, and had an initial court hearing on Tuesday.

He appeared in a federal courtroom in Los Angeles in a turtleneck sweater and jeans with shackles on his arms and legs.

He did not enter a plea and spoke only to answer a judge’s questions. When asked if he’d read the indictment against him, he said “not cover to cover” but told the judge he understood the charges.

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US Magistrate Judge Pedro V. Castillo ordered that he be released later Tuesday after he agreed to post a $100,000 bond to assure he’ll appear in court in New York, where his indictment was filed.

His newly appointed attorney, Annie Carney, declined to comment outside court. She said during the hearing that she had not yet seen the prosecution’s evidence against Rinsch. When discussing the terms of his release, she said, “The allegations in this case are purely financial.”