Netflix handed a director millions to make a sci-fi series, but he squandered it on stocks, crypto, and flashy cars: NYT

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Netflix gave “47 Ronin” director Carl Erik Rinsch millions to produce the sci-fi series “Conquest.”But Rinsch used the money to trade stocks and crypto instead, per The New York Times.Rinsch made a windfall trading Dogecoin and splurged his earnings on fancy cars and designer goods. “47 Ronin” director Carl Erik Rinsch took the millions of dollars Netflix gave him for his sci-fi series to pursue a different type of creative endeavor — playing the stock and cryptocurrency markets. The 46-year-old director scored a $61.2 million production deal from Netflix for a sci-fi series, The New York Times’ John Carreyrou reported on Wednesday, citing a November 2018 term sheet. According to The Times, Netflix had sunk $44.3 million on Rinsch’s show “Conquest” by March 2020. But Rinsch then told the streaming company that he needed more money, or production would cease. Netflix acceded to Rinsch’s request, and gave his production company an additional $11 million. But that money wasn’t spent on producing the series. Rinsch instead used $10.5 million from Netflix’s 2020 round of funding to play the stock market, The Times reported, citing court filings and financial documents from his divorce. Rinsch eventually lost $5.9 million dollars trading. Rinsch then pivoted to the crypto market, per The Times. He was luckier this this time. Buying Dogecoin turned Rinsch’s $4 million bet into nearly $27 million. Rinsch then spent $8.7 million on fancy cars and designer goods, The Times reported, citing the findings from a forensic accountant hired by Rinsch’s wife. Rinsch’s purchases included a Ferrari and five Rolls-Royces, per The Times. Despite spending more than $55 million on Rinsch’s series, Netflix has yet to receive any episodes from the director. Thomas Cherian, a spokesperson for Netflix, told The Times that they’ve written off Rinsch’s series, adding that it was “clear that Mr. Rinsch was never going to complete the project he agreed to make.” Rinsch declined to answer The Times’ questions when contacted for comment. Rinsch and Netflix are currently undergoing confidential arbitration proceedings, per The Times. Rinsch, who The Times said had initiated the arbitration, says Netflix owes him at least $14 million in damages for breaching their contract. Rinsch’s filmography consists of only one movie, the Keanu Reeve-starring action movie “47 Ronin” from 2013. The movie was panned by critics and was one of the biggest box office bombs that year. Representatives for Rinsch and Netflix did not immediately respond to a request for comment from Business Insider sent outside regular business hours. Read the original article on Insider

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