In an unexpected turn of events, Carl Erik Rinsch, the acclaimed director of “47 Ronin,” and the helm of the Netflix science fiction project “Conquest,” diverted a significant portion of the series’ budget into high-risk financial ventures, including the meme-inspired cryptocurrency Dogecoin (DOGE).
According to a detailed report from the New York Times, the move was initially perceived as a daring sidestep from conventional filmmaking investments and turned into a rollercoaster ride of financial gains and losses, mixed with personal drama and legal disputes.
Netflix invested $55 million in the product of the ambitious sci-fi series “Conquest,” under Rinsch’s guidance, which was supposed to a major project for the steaming service. Production delays, budget allocation deviations, and other problems led to Netflix not seeing a single episode of the show,
In a bold move, after getting Netflix to go over its initial $44 million budget for the show, Rinsch received an additional $11 million under the condition the show would be completed.
The executive, however, redirected part of the series budget into the stock market, including a risky options bets on the S&P 500 and pharmaceutical stocks, which led to a loss of nearly $6 million.
Rinsch then ventured into the world of cryptocurrencies, betting $4 million on Dogecoin through cryptocurrency exchange Kraken. Unlike his options trades, this move turned a profit of $27 million that was followed by a spending spree.
He reportedly acquired luxury vehicles, high-end fashion, and a collection of extravagant watches in purchases that were revealed during divorce proceedings. Rinsch claimed these purchases were made as props for the series during the proceedings, before, in a separate case against Netflix, he said the funds were his own.
Amid this financial saga, Rinsch found himself embroiled in a legal tussle with Netflix. He filed a confidential arbitration proceeding, seeking $14 million in damages, alleging breach of contract. Netflix, on its part, has strongly refuted these claims and called them a shakedown.
Featured image via Unsplash.
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