Hollywood director Carl Erik Rinsch gambled away millions of dollars intended for his sci-fi series "The Conquest" on risky investments in stock markets and cryptocurrency markets. The director's actions left Netflix, the streaming platform that financed the project, empty-handed and facing potential damages.
Rinsch, known for his 2013 action film "47 Ronin," has secured a $61.2 million deal with Netflix to produce "Conquest." However, instead of directing the funds to the production of the series, Rinsch embarked on a series of ill-fated investments, jeopardizing the future of the project.
The director allegedly diverted $10.5 million from Netflix's stock market investment, resulting in a significant loss of $5.9 million. Undaunted by this setback, Rinsch ventured into the cryptocurrency realm, buying Dogecoin with $4 million of Netflix money.
This investment proved more fruitful, turning his initial stake into a whopping $27 million.
A Ferrari and five Rolls-Royces
Despite the windfall, Rinsch's mismanagement continued. He splurged on luxury items, including a Ferrari and five Rolls-Royce cars, spending a total of $8.7 million.
These incredible purchases further distanced him from finishing the sci-fi series. Netflix, which has invested more than $55 million in "The Conquest," has yet to receive a single episode from Rinch. The streaming platform wrote off the series, concluding that Rinsch would never fulfill his contractual obligations.
The company is now seeking damages from Rinsch for breach of contract. Rinsch and Netflix are currently in confidential arbitration proceedings, and the executive the Times says initiated the arbitration claims Netflix owes him at least $14 million in damages for breaching their contract.
The directors' claims are part of a confidential arbitration proceeding, adding another layer of complexity to this already complicated situation. With "Conquest" seemingly abandoned and Netflix seeking damages, Rinsch's actions have left a trail of financial losses and threatened his reputation in the entertainment industry.
This news certainly caused great surprise on the public stage, the director had credibility and was respected. Now he will have a problem to sign a contract with any major Studio.