NEW YORK (AP) – A Hollywood director was convicted Thursday on charges that he defrauded Netflix out of $11 million for a show that never materialized, using the cash instead for lavish purchases that included several Rolls-Royces, a Ferrari and about $1 million in mattresses and luxury bedding. Carl Erik Rinsch, best known for directing the film “47 Ronin,” has been convicted of fraud, money laundering and other charges in New York, according to court records and a spokesman for federal prosecutors. In a statement, Rinsch’s lawyer, Benjamin Zeman, said he thought the ruling was wrong and “could set a dangerous precedent for artists who become embroiled in contractual and creative disputes with their benefactors, in this case one of the largest media companies in the world, who are being indicted by the federal government for fraud.” Prosecutors said Netflix initially paid Rinsch about $44 million for an unfinished sci-fi show called “White Horse,” then wired another $11 million after it said it needed additional financing to wrap up production. But instead of putting the money toward the show, Rinsch sent the cash to a personal account where he made a series of failed investments, losing about half of the $11 million in a few months, according to prosecutors. He then put the remaining funds into the cryptocurrency market and made a small profit, although Rinsch then deposited the money into his own bank account. Then came the lavish purchases, prosecutors said, with Rinsch buying five Rolls-Royces and one Ferrari, along with $652,000 in watches and clothes. He also bought two mattresses for about $638,000 and spent another $295,000 on luxury bedding and linens. In addition, he used some of the money to pay off about $1.8 million in credit card bills, prosecutors said. Rinsch never finished the show. His sentencing date is set for April. Netflix declined to comment.