According to Cointelegraph: Carl Erik Rinsch, the director of Netflix’s sci-fi series Conquest, reportedly used $4 million from the show's budget to invest in Dogecoin, turning a massive profit of $27 million. Rinsch allegedly used a considerable chunk of the show's funds to enter the stock and crypto markets, making millions on a singular Dogecoin bet.
In a confidential arbitration proceeding reported by The New York Times on Nov. 22, Rinsch is now pushing for an additional $14 million from Netflix. According to the report, Netflix had provided Rinsch with a $55 million budget to produce Conquest, but no episodes have been delivered thus far.
In March 2020, following an initial budget of $44 million, Rinsch requested more funds. Netflix transferred $11 million on the agreement that Rinsch would complete the show. However, Rinsch allegedly used $10.5 million of the additional funding to trade on the stock market, losing almost $6 million within weeks.
Having a little over $4 million remaining, Rinsch reportedly moved the funds into the crypto exchange Kraken and invested all of it in Dogecoin (DOGE). In May 2021, he liquidated his DOGE and withdrew around $27 million, according to account statements seen by The New York Times.
Rinsch is said to have spent nearly $9 million, part of the proceeds, on luxury goods and luxury vehicles, according to a forensic accountant hired by his ex-wife during their divorce proceedings.
The report details that Rinsch has now launched a confidential arbitration proceeding against Netflix, seeking $14 million in damages for an alleged breach of contract. Netflix has denied any obligations. A decision on the case is expected soon, as it was heard by an arbitrator earlier in November.
