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.

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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