Netflix Director Carl Rinsch Spent $4M of Production Budget on Dogecoin and Made $27M

UTC by Tolu Ajiboye · 3 min read
Netflix Director Carl Rinsch Spent $4M of Production Budget on Dogecoin and Made $27M
Photo: canburak / Flickr

Rinsch is now asking for an additional $14 million, claiming Netflix owes him the money despite not submitting any completed episodes.

A Hollywood movie director is making the news for receiving millions of dollars to fund a project that may never see the light of day, and using the show’s budget to invest in Dogecoin (DOGE). Carl Erik Rinsch, who also directed the 2013 action fantasy 47 Ronin featuring Keanu Reeves, allegedly received $55 million from Netflix. However, he has yet to submit one completed episode of the series.

According to an NY Times report, Rinsch initially got a $44 million payment from Netflix to produce a show called Conquest. Netflix had agreed to pay $61.2 in installments for rights to the series, originally called White Horse. By March 2020, after Netflix had spent about $44.3 million. Nonetheless, Rinsch asked for more money, threatening that the production would cease without funds.

After receiving an additional $11 million for his production company, Rinsch moved $10.5 million to his personal Charles Schwab brokerage account. He used the money to place stock market bets on biotech firm Gilead Sciences and the S&P 500 index, among others. In weeks, Rinsch had lost $5.9 million.

Rinsch Bought Dogecoin Using Netflix’s Production Funds

The 46-year-old director then transferred more than $4 million from his Charles Schwab account to California-based crypto exchange Kraken. According to documents reviewed by the NY Times, Rinsch invested the money in DOGE. Interestingly, this bet paid off, allowing the director to cash out about $27 million after liquidating his DOGE. Reportedly, he wrote “Thank you and god bless crypto” in a chat with a representative from the exchange.

Following his wins, Rinsch then spent heavily on luxurious items. A forensic accountant hired by his wife as part of a divorce case found that he spent over $387,000 on a Vacheron Constantin watch and several millions on designer clothing and furniture. His purchases also include a Ferrari and five Rolls-Royces, among other items. In total, the director spent $8.7 million on these purchases.

Rinsch has started a confidential arbitration against Netflix, claiming that the giant streaming service breached their contract. He also claims that Netflix owes him at least $14 million in damages, adding that the items he purchased were props for the series. Interstingly, he eventually stated that the money was his.

Alleged Erratic Behavior

The NY Times article provides extensive details on Rinsch and his alleged misbehavior, including questions about his mental health. In a divorce court filing, His wife, Gabriela Rosés Bantacor, a Uruguayan fashion designer and model, alleged that Rinsch’s behavior changed at some point. She states that he had twice punched walls, leaving holes, and hurled things at her several times.

Much later, his wife claimed his behavior became more bizarre. Allegedly, he once took her to an area in the Hollywood hills and told her planes passing above were “organic, intelligent forces” trying to “say hi”. He also once claimed he could predict volcanic eruptions and lightning strikes.

Allegedly, Netflix business affairs executive Rochelle Gerson received emails from Rinsch, claiming he could map “the coronavirus signal emanating from within the earth.”

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