Netflix Director Ousted for Using Funds to Gamble on Stocks and Crypto
A science fiction movie director, Carl Erik Rinsch, has been removed from his position after it was discovered that he used funds allocated for movie production to gamble on stocks and cryptocurrencies. One of the notable investments he made was in Dogecoin, which has sparked discussions within the crypto community.
Netflix Director’s Risky Stock Gamble
The New York Times has revealed an intriguing story about filmmaker Carl Erik Rinsch. He had a highly anticipated series that he wanted to develop and eventually struck a deal with Netflix to produce it as a Netflix original. However, instead of using the funds for production, Rinsch diverted them into his personal trading accounts.
Rinsch received an $11 million payment from Netflix, along with millions of dollars previously invested in production. He then deposited $10.5 million into his personal brokerage account with Charles Schwab.
Unfortunately, Rinsch’s stock market bets turned sour, resulting in losses of $5.9 million out of the initial $10.5 million he had deposited. All of this happened within a few weeks.
Turning to Dogecoin as a Last Resort
In a desperate move, Rinsch joined the crypto frenzy that emerged during the COVID pandemic. With the remaining funds from his brokerage account, he invested $4 million in Dogecoin early in 2021. As the value of Dogecoin soared, his investment grew to a staggering $27 million by May 2021.
With his newfound wealth, Rinsch indulged in luxury purchases including Rolls Royces, a Ferrari, designer watches, clothes, and furniture. However, Netflix was displeased with these actions as their invested series remained unfinished.
The Legal Battle with Netflix
Netflix has taken the matter to court, claiming that the payments made to Rinsch were meant for specific production milestones that were not met. On the other hand, Rinsch argues that he legally received the payments as stipulated in their contract and believes that Netflix still owes him around $14 million.
Hot Take: A Risky Gamble on Dogecoin Pays Off for Disgraced Netflix Director
The story of Carl Erik Rinsch, the ousted Netflix director who used production funds to gamble on stocks and crypto, takes an unexpected turn with his investment in Dogecoin. Despite losing millions in stock market bets, Rinsch managed to turn things around by investing $4 million in Dogecoin. The cryptocurrency’s value skyrocketed, allowing him to sell his holdings for a massive profit of $27 million. This windfall led Rinsch on a spending spree, causing further tension with Netflix. As the legal battle between Rinsch and Netflix unfolds, it serves as a cautionary tale about the risks and consequences of diverting funds for personal gain.
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