Reports of The New York Times They announced that the director of the movie “47 Ronin” Carl Erik Rinsch spent millions of dollars of Netflix funds on stocks and cryptocurrencies.
According to the newspaper, the streaming brand had given him millions of dollars to complete the first season of a new science fiction series, “Conquest”starring Keanu Reeves. However, instead of using these funds for production, Rinsch spent them on stocks and cryptocurrencies, as well as lavish personal purchases.
In November 2018, Netflix signed a deal with Rinsch, committing to pay $61.2 million for the rights to the series, in addition to offering him significant privileges, such as lifetime participation in future seasons and spin-off projects. Despite this, Rinsch did not deliver any finished episodes.
He used Netflix funds in cryptocurrencies
In March 2020, Rinsch requested more money from Netflix, claiming that a lack of additional funds would put production at risk. Netflix awarded a further $11 million, but Rinsch transferred the majority of this sum to his personal account and invested it in stocks, resulting in significant losses.
Given the lack of progress in production, Netflix decided in March 2021 to cease financing the project and allowed Rinsch to sell it to another party, with the condition of reimbursing what the company invested.
Litigation with Netflix
Rinsch invested more than $4 million in cryptocurrencies, particularly Dogecoin, increasing his balance to almost $27 million in May 2021. Additionally, he spent considerable sums on luxury cars, Swiss watches, and haute couture clothing. .
Rinsch and Netflix are currently involved in a confidential arbitration proceeding. Rinsch is demanding at least $14 million in damages, while Netflix denies any debt and has called their claims scams, having lost more than $55 million on the project.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.