A Series Compromised by Misuse of Funds: The Director Who Used Netflix Money to Invest in DOGE
Netflix invested $55 million in a series project that will likely never see the light of day. Director Carl Erik Rinsch is accused of using $10.5 million of that budget to invest in stocks and cryptocurrencies, notably Dogecoin (DOGE), creating tensions with the streaming giant.
A confidential arbitration proceeding, surprisingly initiated by Rinsch, is currently underway. The director claims that Netflix violated their contract and owes him $14 million in damages.
Of course, Netflix denies these accusations, especially since the company has transferred an additional $11 million to support Rinsch’s production progress.
“Although the company funded and supported Rinsch’s series, after much time and effort, it became clear that Mr. Rinsch would never fulfill the project he agreed to undertake.” – said Netflix
The series, named “Conquest” and centered around artificial humans, has yet to produce any episodes.
Initially, Rinsch transferred $10.5 million from Netflix’s budget to his Charles Schwab brokerage account to invest in the stock market.
In just a few weeks, he lost $5.9 million in these investments.
After his stock market losses, Rinsch used the remaining budget to purchase over $4 million worth of Dogecoin (DOGE).
Unlike his stock market investments, his bet on Dogecoin proved fruitful, reaching nearly $27 million in May 2021.
However, controversy arose over the use of these funds for personal purchases, such as luxury cars and watches. Rinsch initially claimed that these expenses were for the production of “Conquest,” a statement that was questioned during his legal disputes with Netflix.
Now, the director asserts that this money “contractually belonged to him.”