Carl Erik Rinsch reportedly used nearly $11 million of his Netflix show’s budget to gamble with stocks and crypto and made millions on a single Dogecoin bet.
The director of Netflix’s sci-fi series Conquest reportedly used $4 million from the show’s budget to bet on Dogecoin (DOGE) and made $27 million in the process.
Now the director, Carl Erik Rinsch, wants another $14 million from Netflix, according to a Nov. 22 report in The New York Times citing a confidential arbitration proceeding.
The Times report details the behind-the-scenes drama of Rinsch’s sci-fi Netflix series Conquest, which the streaming giant doled out $55 million to make, but is yet to receive an episode.
In March 2020, 16 months after Netflix bought Rinsch’s idea and provided him with an initial budget of $44 million, the director asked for more funds. Netflix obliged and wired him $11 million on the condition he finished the show.
According to financial statements obtained by the Times Rinsch used $10.5 million from the fresh funding to gamble on the stock market and allegedly lost nearly $6 million in just a few weeks by placing options bets on pharmaceutical companies and the S&P 500,
With a little over $4 million left, Rinsch transferred the money to the crypto exchange Kraken and went all in on DOGE. When he liquidated in May 2021, he withdrew around $27 million, per an account statement seen by the Times
Wild Netflix story.
In 2018, it bought a sci-fi series from director Carl Rinsch. By 2020, Netflix spent $44m on the show.
Production was floundering and Rinsch demanded $11m more. He took the funds and quickly lost ~$6m in pharma option YOLOs.
A bit later, he took $4m and… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
“Thank you and god bless crypto,” Rinsch wrote in a chat with a Kraken representative.
With the proceeds, Rinsch allegedly spent nearly $9 million on high-end furniture, designer clothing, an over $380,000 luxury watch, five Rolls-Royces and a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for divorce proceedings.
Related: Crypto traders are looking at Dogecoin (DOGE) again — Here’s why
The Times said Rinsch launched a confidential arbitration proceeding against Netflix, claiming the streaming service breached its contract and owes him $14 million in damages, which Netflix denies.
In a deposition, Rinsch said the items in his almost $9 million spending spree were props for Conquest. He later argued in his case against Netflix that the money was actually his and he’s owed another $14 million.
A ruling on the case is expected soon as it was heard before an arbitrator earlier in November.
Magazine: Cryptocurrency trading addiction — What to look out for and how it is treated
