Director Eric Rinsch, who had an unsuccessful investment of Netflix’s funds for a series production in the stock market, found redemption after flipping his $4 million memecoin Doge’s position into $27 million.
The case saw Netflix credit Rinsch over $55 million for the movie series Conquest. According to a report from the New York Times, the movie giant has yet to receive a single episode of the sci-fi sensation.
According to an agreement reached between Rinsch and Netflix, an initial $44 million was wired to the director in March 2020. Rinsch, however, requested an additional $11 million, citing a total collapse in the shooting process if Netflix failed to credit new funds immediately, forcing the movie giants to make the payment.
Failed Stock Investment
Rinsch reportedly invested $10.5 million out of the $11 million received into risky stock bets through his broker account with Charles Schwab and lost $5.9 million in a few weeks. The director lost the funds from an option position on shares of biotech firm Gilead Science and the S&P 500 Index.
In March 2021, Rinsch sent the remains of the failed investment in the stock market to the crypto exchange Kraken, where he invested them in a dog-themed coin, Doge. By the time he liquidated the position in May, the $4 million invested had almost multiplied 7x to $27 million, an account statement reviewed by NYT stated.
“Thank you, and god bless crypto,” Rinsch wrote in a chat with a Kraken representative.
Rinsch Went Spending
The famous 47 Ronin director went spending with the proceeds from the successful Doge investment. He acquired five Rolls Royce, a Ferrari watch, designer clothes, and classy furniture worth almost $9 million.
When asked about them by his wife, Ms. Roses, he claimed they were for his Conquest movie product. However, his arbitration case with Netflix showed that he claimed the properties were his and that the movie makers owed him an extra $14 million, which Netflix denied.
The court will soon conclude the case, as an arbitrator presided over a hearing earlier this month.
