Netflix’s sci-fi series “Conquest” has been embroiled in controversy as its director, Carl Erik Rinsch, reportedly diverted $4 million from the show’s budget to invest in Dogecoin, resulting in a $27 million windfall.
Now, Rinsch is seeking an additional $14 million from Netflix, according to a confidential arbitration proceeding mentioned in a November 22 report by The New York Times.
The behind-the-scenes drama of “Conquest” is outlined in The New York Times report, revealing that Netflix had allocated a substantial budget of $55 million for the series, but no episodes have been delivered as yet.
In March 2020, approximately 16 months after Netflix greenlit Rinsch’s concept and provided an initial budget of $44 million,
Rinsch requested additional funds. Netflix agreed to release $11 million on the condition that he completed the show.
Financial records obtained by The New York Times disclosed that Rinsch used $10.5 million from the new funding to speculate in the stock market, experiencing significant losses of nearly $6 million in just a few weeks through options bets on pharmaceutical firms and the S&P 500.
Left with slightly over $4 million, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken and invested heavily in Dogecoin.
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When he cashed out in May 2021, he realized approximately $27 million in profits, as confirmed by an account statement obtained by the newspaper.
Rinsch expressed his gratitude to cryptocurrency in a conversation with a Kraken representative, saying, “Thank you and god bless crypto.”
With his newfound wealth, Rinsch purportedly splurged on high-end furniture, designer clothing, an extravagant watch worth over $380,000, five Rolls Royces, and a Ferrari. A forensic accountant hired by Rinsch’s ex-wife for divorce proceedings provided this information.
In response to his cryptocurrency adventures, Rinsch initiated a confidential arbitration proceeding against Netflix, alleging that the streaming service had breached its contract and owed him $14 million in damages.
Netflix, however, has vehemently denied any financial obligations to Rinsch, characterizing his demands as extortion.
Rinsch initially argued that the lavish expenditures were related to “Conquest.” Later, in his case against Netflix, he asserted that the money was rightfully his, and he was entitled to an additional $14 million.
The case is currently pending a ruling, and an arbitrator heard arguments in November, with a decision expected in the near future.
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