Crypto
Director Misuses Movie Funds to Gamble on Stocks and Crypto
courtesy of bitcoinist.com
Funds Diverted for Personal Trading
Filmmaker Carl Erik Rinsch, known for his work in science fiction movies, has found himself in hot water after using funds awarded to create a movie for personal stock and crypto trading. The New York Times has reported that Rinsch diverted funds earmarked for production into his own personal trading accounts, including an $11 million lump sum payment from streaming giant Netflix.
Millions Lost in Stock Market Bets
Rinsch, after receiving the payment from Netflix, deposited $10.5 million into his personal brokerage account with Charles Schwab. He then proceeded to place risky bets on the stock market, losing a reported $5.9 million from the initial deposit. His investments included bets on Gilead Sciences share price and the S&P 500 Index.
Success in the Crypto Market
Despite his losses in the stock market, Rinsch took a chance on the crypto craze and invested $4 million in Dogecoin. His holdings grew significantly as the cryptocurrency's value rose. In May 2021, Rinsch sold his Dogecoin stash for a whopping $27 million.
Spending Spree Raises Eyebrows
With his newfound wealth, Rinsch went on an $8.7 million spending spree, purchasing luxury cars, designer watches, clothes, and furniture. However, this did not sit well with Netflix, as the series they had invested in Rinsch to produce was still unfinished.
Legal Battle with Netflix
The matter is now in court, as Netflix claims that Rinsch failed to deliver on various production milestones for which they had made payments. Rinsch, on the other hand, argues that the payments made to him were legally his under the contract and asserts that Netflix still owes him around $14 million in additional payments.
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