Director Karl Erik Rinsch he took the tens of millions of dollars that Netflix gave him for his sci-fi series and spent it on the stock and cryptocurrency markets.
The 61,2-year-old director signed a contract with Netflix worth XNUMX million dollars for the production of the science fiction series, writes "The New York Times".
According to The Times, Netflix has invested $44,3 million in Rinch's series “Conquest” through March 2020. However, the director told the streaming platform at the time that he needed more money or if they were not in the mood to invest in his project still production of the series to stop. Netflix granted Rinch's request and gave his production company an additional $11 million.
But that money was not spent on the production of the series. Rinsch instead used $10,5 million from Netflix's financial "injection" to invest in the stock market, the Times claimed, citing court filings and financial documents from his divorce. Due to bad trading, Rinš suffered losses, and in the end lost 5,9 million dollars.
He then turned to the cryptocurrency market, but had better luck in this trade. The Dogecoin purchase turned Rinch's $27 million investment into nearly $8,7 million. But that didn't stop him from continuing to spend. The director then spent $XNUMX million on luxury cars and designer clothes, according to the findings of a forensic accountant hired by Rinch's wife. Rinš bought a Ferrari and five Rolls-Royces.
Despite spending more than $55 million on Rinch's series, Netflix has yet to receive a single episode from the director. Thomas Cherian, a spokesman for Netflix, told the Times that they had written off the project and that "it is clear that Mr. Rinsch will never finish the series that he agreed to do."
Rinš and Netflix are currently in confidential arbitration proceedings. The director who the Times says has initiated arbitration claims Netflix owes him at least $14 million in damages for breaching their contract.
Rinš's filmography consists of only one work, the action film "47 Ronin" from 2013, in which he plays the main role Keanu Reeves. The film received poor reviews and was one of the biggest flops at the box office that year.