Netflix scandal: director embezzles millions to buy luxury cars and Dogecoin 1

Netflix scandal: director embezzles millions to buy luxury cars and Dogecoin

A real scandal is surrounding the structures of Netflix. This is because director Carl Erik Rinsch, responsible for the film ‘47 Ronin‘, is being accused of diverting a considerable part of the resources released by the streaming platform so that he could make a science fiction series.

In total, Netflix provided him with $55 million to produce the series, called ‘Conquest’. What the investigations say, so far, is that the director was unable to deliver even one complete episode, despite the million-dollar budget in hand.

The suspicion is that he appropriated the amount to invest in the stock market. cryptocurrencies and buy luxury items. The case is being widely discussed in the United States.

Expenses and investments

Netflix scandal: director embezzles millions to buy luxury cars and Dogecoin 2

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The New York Times conducted its own investigation and found that Rinsch had used $10.5 million to invest in stocks, of which he lost $5.9 million. After the loss, he decided to enter the cryptocurrency universe and invested $4 million in Dogecoin.

This latest investment paid off and he ended up with almost £27 million, a very significant return. With the money in hand, he then decided to continue spending and bought sports cars and other luxury items.

The director recently separated from his wife and the embezzlement of money from Netflix became even more evident during the divorce proceedings.

The forensic accountant discovered that Rinsch had acquired a new Ferrari and five Rolls Royce cars, for example.

All that was left was to cancel the series

Given the seriousness of the problem and the misuse of funds, Netflix decided to cancel the series ‘Conquest’. The company had initially planned to produce 13 episodes, with a budget of US$44 million.

It is worth mentioning that the director was bold in his plan for using the money and even requested an increase in the budget of a further £11 million.

Carl Erik Rinsch’s only successful film is ’47 Ronin’, released in 2013, and which became known for being one of the worst in the actor’s career. Keanu Reeves.

Director filed a claim for compensation

Netflix spokesman Thomas Cherian confirmed that the company has scrapped the series and, to make matters worse, is now facing a lawsuit filed by Rinsch himself, in which he is demanding $14 million in compensation, alleging breach of contract by the streaming platform. streaming.

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The director had an Instagram account, but he deleted it after posting a story in which he said he was not “crazy.” The outcome of this story is being closely followed by the American media. Rinsch’s lawsuit is confidential.