- Director Carl Erik Rinsch spent $4 million from a Netflix series budget to trade on DOGE.
- After losing a lot of money to speculative trading, the director made millions in profit from the meme coin.
- Rinsch is now filing a confidential arbitration action against Netflix for $14 million.
The director of the Netflix science fiction series “Conquest,” Carl Erik Rinsch, reportedly spent $4 million of the show’s budget on Dogecoin (DOGE) and achieved a substantial gain through this endeavor. This was after the 46-year-old director secured a $61.2 million production contract from the streaming company.
According to a report published by The New York Times yesterday, Netflix had spent $44.3 million on Rinsch’s show by March 2020. The director, however, later informed the company that he required more money or else production would be halted. Netflix then approved the request and awarded Rinsch another $11 million.
It would later be revealed that none of the money received was used to produce the series. Court records and financial data from Rinsch’s divorce show that he instead used $10.5 million from the 2020 funding round from Netflix to engage in speculative trading. However, this led to the director realizing a loss of around $5.9 million.
In desperation, Rinsch transferred the remaining funds of just over $4 million to Kraken, a popular cryptocurrency exchange platform, and went all in on DOGE. The director then liquidated his position in the meme coin in May 2021 for a whopping $27 million, according to an account statement seen by The Times.
Instead of using the proceeds to complete the production of Conquest, Rinsch allegedly spent nearly $9 million on expensive luxury items. These items included luxury furnishings, designer clothing, a watch worth more than $380,000, five Rolls-Royces, and a Ferrari. This information was revealed by a forensic accountant hired by Rinsch’s ex-wife during their divorce.
The director then went on to file a confidential arbitration action against Netflix. He alleged that the streaming giant breached its contract, and owes him $14 million in damages. Netflix, however, claimed that it owes Rinsch nothing and has labeled this filing as nothing more than a “shakedown.”
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