Director Carl Erik Rinsch, known for his work on “47 Ronin,” is facing allegations of financial mismanagement after diverting Netflix’s production budget for the sci-fi series “Conquest” into cryptocurrency and stock trading. Rinsch received a $61.2 million budget from Netflix for the series, but by March 2020, $44.3 million had already been spent. Rinsch then requested an additional $11 million, which Netflix approved. However, instead of using the funds for production costs, Rinsch used $10.5 million for options bets on pharmaceutical companies and the S&P 500, resulting in a $5.9 million loss. He then turned to the crypto market and invested $4 million in DOGE, earning $27 million. Rather than reinvesting in the series, Rinsch spent the money on extravagant purchases, including high-end furniture, designer clothing, luxury watches, and multiple luxury cars. Netflix has written off the series and is engaged in confidential arbitration proceedings with Rinsch, who claims $14 million in damages for breach of contract. Netflix denies these claims, stating that Rinsch failed to fulfill his obligations. The case was presented before an arbitrator in November, and a ruling is expected soon. Rinsch’s actions have not only jeopardized the production of “Conquest” but also raised questions about his professional integrity.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Carl Erik Rinsch |
| Companies | Kraken, S&P 500, Ferrari, Rolls Royces |
| Currencies | Dogecoin, Backed CSPX Core S&P 500 |
| Securities | None |
