Director Carl Erik Rinsch was indicted by federal prosecutors on Tuesday for defrauding Netflix out of $11 million, money he received to produce a science fiction TV series but instead spent on personal investments and property.

According to documents filed in the U.S. District Court for the Southern District of New York, Rinsch has been charged with one count of wire fraud, one count of money laundering, and five counts of engaging in a monetary transaction in property derived from specified unlawful activity.

Rinsch made his reputation making commercials with striking visuals and went on to direct the 2013 Keanu Reeves action film “47 Ronin,” though he was removed from that project during production after the budget ballooned to $225 million. In 2018 Netflix greenlit a sci-fi series from Rinsch, “Conquest” which was never completed and eventually canceled.

Netflix ultimately took a write-off of $55 million for the aborted production.

Netflix and Rinsch went...