Director Carl Erik Rinsch, known for “47 Ronin,” gambled portion of the $61.2 million budget received from Netflix for the sci-fi series “Conquest” on stocks and Dogecoin.
Rinsch, 46, initially secured $44.3 million for his series, but as costs escalated, he requested an additional $11 million from Netflix to sustain production.
However, Rinsch took an unconventional route with the extra funds. Instead of investing in the series, he used $10.5 million from Netflix’s 2020 funding round to venture into the stock market, The New York Times reported.
Court filings and financial documents from his divorce proceedings revealed that Rinsch incurred losses of $5.9 million through stock trading.
Netflix Director Made $27 Million in Profits by Betting on Dogecoin
After losing money in stocks, Rinsch shifted his focus to the crypto market, where his fortunes took a positive turn. A $4 million bet on the popular meme coin Dogecoin turned into a windfall, yielding nearly $27 million in profits.
Seizing the opportunity, Rinsch indulged in extravagant purchases, including luxury cars like a Ferrari and five Rolls-Royces, along with high-end designer goods, totaling $8.7 million.
Despite Netflix’s substantial investment exceeding $55 million in Rinsch’s series, titled “Conquest,” the streaming giant has yet to receive any completed episodes.
In response, Netflix has written off the project, expressing doubts about Rinsch’s commitment to fulfilling the agreed-upon contract.
Currently, Netflix and Rinsch are embroiled in confidential arbitration proceedings initiated by the director.
Rinsch claims that Netflix owes him at least $14 million in damages for breaching their contract. The streaming service, through spokesperson Thomas Cherian, stated that it was “clear that Mr. Rinsch was never going to complete the project he agreed to make.”
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