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Netflix Sci-Fi Series Budget Misuse: Director Invests Millions in Stocks, Crypto, and Luxe Cars

23 November 2023
2826
2 min.
6
Netflix Sci-Fi Series Budget Misuse: Director Invests Millions in Stocks, Crypto, and Luxe Cars

Netflix's Millions

In a startling revelation recently reported by The New York Times, filmmaker Carl Erik Rinsch, renowned for directing "47 Ronin," finds himself at the center of an investigation. Allegations suggest that Rinsch, following a groundbreaking achievement in securing a $61.2 million production deal with Netflix for his sci-fi series "Conquest," is now under scrutiny for diverting substantial funds towards speculative markets.

Rinsch's triumph began with the groundbreaking $61.2 million Netflix deal for "Conquest," as unveiled in a term sheet by John Carreyrou in November 2018. By March 2020, Netflix had committed an additional $44.3 million to bring the ambitious sci-fi project to life. Undeterred, Rinsch actively sought an extra $11 million, marking a pivotal moment in the series' trajectory and showcasing his ability to secure substantial investments for his creative venture.

However, the narrative takes a dramatic turn as a significant portion of the additional funds veered away from the series. Shockingly, $10.5 million from Netflix's 2020 funding round was redirected into stock market trading, resulting in a staggering loss of $5.9 million. Despite this setback, Rinsch ventured into the crypto market, turning a $4 million bet on Dogecoin into nearly $27 million.

The financial gains triggered a chain of extravagant spending, including a reported $8.7 million splurge on luxury cars and designer goods, featuring a Ferrari and five Rolls-Royces, according to a forensic accountant hired by Rinsch's wife.

Regrettably, despite Netflix's investment exceeding $55 million, there is nothing to show for it in terms of "Conquest" episodes. Netflix spokesperson Thomas Cherian disclosed that the company had written off the series, citing Rinsch's failure to fulfill contractual obligations.

Currently, Rinsch and Netflix are embroiled in arbitration over escalating tensions. Rinsch claims Netflix owes $14 million for a breach of contract, though he remains silent on the matter when questioned by The New York Times.

In conclusion, with only one movie, "47 Ronin," in his filmography — a project that faced criticism and underperformed at the box office — Rinsch's financial misadventures with Netflix cast a looming shadow over his once-promising career.

Persons2 and Companies4 in the news

Film director
1 place
investigative reporter at The New York Times
2 place
Ferrari S.p.A.
2 place
Netflix
4 place
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