Hollywood director Carl Erik Rinsch has been convicted by a federal jury in New York of defrauding Netflix of $11 million intended for the completion of a sci-fi series titled White Horse.

Prosecutors said Netflix had already provided Rinsch with about $44 million for the unfinished project. When he requested an additional $11 million to finalize production, the company released the funds. Investigators found that Rinsch transferred the money into a personal account and lost nearly half through failed investments before funneling the remainder into cryptocurrency trading.

According to court filings, Rinsch later withdrew the crypto profits and used the funds for personal luxury purchases, including multiple Rolls-Royces, a Ferrari, high-end watches and clothing. Prosecutors also stated he spent about $638,000 on two mattresses and nearly $300,000 on bedding, while paying off roughly $1.8 million in credit card debt.

The series was never completed.

Rinsch’s attorney, Benjamin Zeman, criticized the verdict, arguing that it could create a “dangerous precedent” for artists involved in disputes with major media companies. Rinsch is scheduled to be sentenced in April, according to CNN. Netflix declined to comment.