By late April 2020, he had lost more than half the funds through risky investments, including "highly speculative options and cryptocurrency trading," as well as an ETF tracking the S&P 500 index, per the statement.

Rinsch also used these funds to "speculate on cryptocurrency—which eventually proved profitable," the indictment reads.

According to the indictment, Rinsch allegedly used these gains to spend $2.4 million on five Rolls-Royces and a Ferrari, $3.7 million on furniture and antiques, $652,000 on watches and clothing, and $638,000 on two mattresses, as well as $295,000 on luxury bedding and linens.