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

Carl Erik Rinsch, the director of the Netflix series Conquest, misappropriated $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 has yet to release a single episode. In March 2020, after Netflix purchased Rinsch's concept and provided a budget of US$44 million, the director requested additional funds 16 months later, and Netflix agreed to an additional US$11 million after the series was completed. Rinsch used $10.5 million of the new money to trade the stock market, losing nearly $6 million through options bets on pharmaceutical companies and the S&P 500. He invested the remaining more than 4 million US dollars in DOGE. He allegedly withdrew approximately $27 million in liquidation in May 2021. Rinsch has filed a confidential arbitration proceeding against Netflix, claiming breach of contract and seeking $14 million. Netflix denies the accusations. The results of the arbitration are expected to be announced soon. (Cointelegraph)