Netflix director embezzled show budget to buy and sell stocks and cryptocurrencies

Carl Erik Rinsch, director of the Netflix series "Conquest," used $4 million of the show's budget to bet on DOGE and made a profit of $27 million. Netflix spent $55 million on Conquest but did not release a single episode. In March 2020, Netflix bought Rinsch's concept and provided a budget of $44 million. After 16 months, the director requested additional funding, and Netflix agreed to add $11 million after the series was completed.

Rinsch used $10.5 million of the new funds for stock trading, losing nearly $6 million through options betting on pharmaceutical companies and the SP 500. He invested the remaining $4 million into DOGE and reportedly withdrew about $27 million in May 2021 when he liquidated.

Rinsch has filed a confidential arbitration proceeding against Netflix, claiming breach of contract and seeking $14 million in damages. Netflix denies the allegations. The arbitration result is expected to be announced soon. (Cointelegraph)