This is a long story that can be summarized as "Carl Rinsch is going to jail". The feds will charge and convict him of wire fraud and possibly other offences. B

This is a long story that can be summarized as "Carl Rinsch is going to jail". The feds will charge and convict him of wire fraud and possibly other offences. But wire fraud is so broad it easily applies in this situation. Failing to deliver on a project because of cost overruns, reshoots, whatever is one thing. Buying cars, "investing" in crypto and otherwise using the funds for purposes not reasonably defined within the contract is fraud, plain and simple.