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Netflix is looking to recuperate the $11 million that was allegedly stolen by director Carl Rinsch. Rinsch allegedly took $11 million from the streamer and spent it on things such as lavish cars and speculative crypto bets.
Back in 2018, Netflix struck a deal with Carl Rinsch to develop a sci-fi television series titled Conquest, financing it with approximately $61 million. Despite the substantial investment, production encountered significant problems, and no episodes were ever completed under Netflix’s stewardship.
During this time, Rinsch allegedly requested an additional $11 million from Netflix, which he then reportedly misused on personal expenditures, including luxury items and cryptocurrency investments.
Earlier this month, Rinsch was arrested and charged with wire fraud and money laundering in connection to the alleged scheme. Some of the things that Rinsch is accused of purchasing with the money are a “fleet” of Rolls Royces, antique furniture, luxury Swedish matresses, crypto bets, and more.
“Six episodes were shot [prior to Netflix’s involvement], ranging from four to 10 minutes in length, with a plan for seven more. In early 2018, Netflix executives were invited t to review the script, and ultimately agreed to put $44 million into completing the project — renamed Conquest — while buying out previous investors.”
“Once production began in Brazil, Rinsch quickly went over budget, according to an arbitrator’s ruling. Prosecutors allege that Rinsch sought an additional $11 million to finish the first season, and then gambled the money on the stock market and on crypto. He is also accused of using the money to buy a fleet of Rolls Royces, luxury items and antique furniture.” [via Variety]
Following his arrest, Rinsch was released on a $100,000 bond and due to be arraigned in federal court in New York City on Thursday, April 3.
Prior to striking a deal with Netflix, Rinsch had directed just one feature film in his career: the 2013 Keanu Reeves-starring action film 47 Ronin, which begs the question as to why Netflix invested so much in Rinsch anyway, as the family was a box office bomb (it reportedly cost Universal about $120M after it was all said and done) and has a paltry 16% critics score on Rotten Tomatoes.