Netflix Show Director Allegedly Turns $4M into $27M via Dogecoin; Demands $14M More from Netflix
Summary:
Carl Erik Rinsch, the director of a Netflix sci-fi series "Conquest," allegedly utilized $4 million of the show's budget to invest in Dogecoin, generating $27 million in returns. He is now seeking an additional $14 million from Netflix via a confidential arbitration process. Despite allocating $55 million for the series, Netflix has not yet received an episode. Rinsch reportedly spent a significant part of his earnings on high-end items. Netflix denies owed any money to Rinsch, referring to his demands as attempts at extortion. The court decision is pending.
The creator of Conquest, a Netflix sci-fi series, is said to have staked $4 million of the show's allocated funds on Dogecoin (DOGE), an investment which yielded him $27 million. Now, the creator, Carl Erik Rinsch, is reportedly requesting an additional $14 million from Netflix, as a confidential arbitration process revealed in a report by The New York Times dated November 22. The report illustrates the secretive office politics surrounding the Conquest series on Netflix, a venture which cost the streaming service $55 million, though they are yet to receive a single episode.
In March 2020, 16 months after Rinsch's concept was bought by Netflix and a budget of $44 million was dispensed, the director requested further funding. Netflix complied by transferring him $11 million but with the stipulation that he must complete the series. However, according to financial records obtained by the Times, Rinsch utilized $10.5 million of the additional funds to dabble in the stock market, resulting in losses of nearly $6 million in mere weeks, attributed to risky bets on pharmaceutical firms and the S&P 500.
Left with around $4 million, Rinsch then moved his remaining funds to the cryptocurrency platform Kraken, investing everything into DOGE. Upon liquidating his investment in May 2021, he reportedly withdrew roughly $27 million according to an account statement observed by the Times.
Rinsch's expenditures supposedly included nearly $9 million on luxury furniture, designer apparel, an extravagant watch worth over $380,000, and six high-end vehicles, totalling five Rolls-Royces and a Ferrari. These details were unveiled by a forensic accountant hired by Rinsch's ex-wife during their divorce case.
Jurisdiction proceedings against Netflix were reportedly launched by Rinsch through a confidential process, alleging a breach of contract by the streaming company and demanding $14 million as compensation. However, Netflix firmly refutes any claims of owing Rinsch any sums, referring to his requests as an attempt at extortion.
Upon deposition, Rinsch rationalized that the lavish purchases, almost $9 million worth, served as props for his series, Conquest. Later in his lawsuit against Netflix, he insisted the money was his and that he is entitled to an additional $14 million. A decision on the case is anticipated soon, given that it was presented before an arbitrator earlier in the month.
Published At
11/23/2023 1:25:20 AM
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