Carl Erik Rinsch, the director of Netflix's sci-fi series "Conquest," allegedly utilized $4 million from the show's budget to invest in Dogecoin (DOGE), resulting in an astonishing profit of $27 million. As reported by The New York Times, Rinsch is now seeking an additional $14 million from Netflix through a confidential arbitration proceeding.
The article sheds light on the behind-the-scenes turmoil surrounding Rinsch's show, which was allocated a budget of $55 million by Netflix but has yet to release its first episode. After initially receiving a budget of $44 million from Netflix in March 2020, Rinsch requested further funds. Netflix agreed to provide an additional $11 million under the condition that Rinsch completed the series.
However, financial records obtained by the NY Times reveal that Rinsch used $10.5 million of the additional funds to engage in stock market speculation. Unfortunately, his options bets on pharmaceutical companies and the S&P 500 resulted in losses of nearly $6 million. With a little over $4 million remaining, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken and placed a full bet on Dogecoin. In May 2021, he reportedly withdrew around $27 million after liquidating his Dogecoin holdings.
Rinsch allegedly spent a substantial portion of his profits, approximately $9 million, on extravagant purchases such as luxury furniture, designer clothing, a watch worth over $380,000, five Rolls-Royces, and a Ferrari. These details emerged from a forensic accountant hired by Rinsch's ex-wife for their divorce proceedings.
In response to these developments, Rinsch initiated a confidential arbitration proceeding against Netflix, asserting that the streaming service breached their contract and owes him $14 million in damages. Netflix, on the other hand, denies any obligations and has characterized Rinsch's demands as an attempt to extort money.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.