Netflix executives were initially captivated in 2018 by early footage of a sci-fi project titled 'White Horse', created by director Carl Rinsch.
Former Netflix originals chief Cindy Holland testified that she read the script at Keanu Reeves’ home and found both the script and footage impressive.
Rinsch had previously directed Reeves in 47 Ronin and presented himself as a visionary capable of building a major franchise.
Netflix agreed to fund the project, committing $44 million for roughly 13 short episodes totalling about 120 minutes.
The company later approved an additional $11 million in March 2020 to help complete production.
White Horse was never finished and ultimately became the subject of a criminal case in Manhattan federal court.
On Thursday, a jury found Rinsch guilty of defrauding Netflix.
Prosecutors said Rinsch used the additional $11 million on luxury purchases rather than completing the series.