A STORY WORTHY OF A TELEVISION SERIES.
Netflix, the well-known streaming platform, is recognized for its massive investments in film productions.
In 2020, it financed a science fiction series for a total of $44 million. In fact, the series was directed by Carl Rinsch, known for being the creator of the film 47 Ronin starring actor Keanu Reeves.
A few months after the initial funding, Carl Rinsch turned to Netflix once again to obtain additional funds. The platform transferred him an additional $11 million $ .
However, Rinsch did not use the funds to finance his series. He transferred the funds to his personal account and began trading securities.
Probably a better director than trader, Rinsch lost half of the funds by April 2020. He squandered millions $ on hotels, rentals, etc. Not to mention the lawyer fees, hired to sue the streaming company for more funds. The world upside down.
This was without considering the involvement of the American justice system. Indeed, on Tuesday, March 18, the United States Attorney's Office for the Southern District of New York announced the arrest of Carl Rinsch. He was apprehended in Hollywood, California.
Presented before the court, Rinsch is charged with electronic fraud, money laundering, and five counts. In total, he faces up to 90 years in prison.
In November 2023, the New York Times revealed certain lucrative transactions made by Carl Rinsch. For example, he bought $4 million $ in DOGE, which he converted into $27 million $ by selling his position in May 2021.
In any case, he now faces serious consequences before the American justice system. Meanwhile, the streaming platform hopes to regain the funds squandered by the director.