Netflix gave the director $55 million for a new series, and he spent it on stocks, cryptocurrency and expensive cars

Here is a ready-made script for future streaming series.

Carl Erik Rinsch, known for the film "47 Ronin", spent millions of dollars, which Netflix gave him for a new sci-fi series, on a completely different "creative" endeavor - playing in the stock and cryptocurrency markets.

According to The New York Times, in November 2018, the 46-year-old director signed an agreement with Netflix for the production of the sci-fi series "Conquest" for $61.2 million. By March, the streaming service spent $44.3 million on Rinsch's show, while the director asked for more money, threatening to shut down production - and Netflix allocated an additional $11 million.

The filming of a scene for the series "Conquest", which director Carl Erik Rinsch sold to Netflix. Photo: The New York Times

Rinsch diverted funds to other needs - in 2020, he used $10.5 million for stock trading and eventually lost $5.9 million (according to financial documents disclosed during his divorce). The director then became interested in the crypto market, where he had more luck - acquiring Dogecoin turned Rinsch's bet of $4 million into nearly $27 million.

"Thank you and may God bless cryptocurrency," wrote the delighted Rinsch in an online chat with a Kraken representative.

He also spent $8.7 million on buying cars (including a Ferrari and five Rolls-Royces) and designer furniture and watches. Rinsch stated that these items were props for the series, so he paid for them with Netflix's money.

Meanwhile, despite investing $55 million, Netflix has not yet received a single episode from the director. Streaming spokesperson Thomas Cheryan said that the series is currently written off because "it is clear that Mr. Rinsch had no intention of completing the project he agreed to do."

Currently, the director and streaming service are undergoing a confidential arbitration process. Rinsch, who initiated it, says that Netflix owes him at least $14 million in compensation for breach of contract.

Rinsch's filmography consists of only one film - the action film "47 Ronin" with Keanu Reeves in 2013, which received negative reviews from critics and grossed only $150 million at the box office with a budget of $175 million.