47 Ronin Director’s Mismanagement of Netflix’s Sci-Fi Series Funds Exposed: New York Times

• Netflix gave “47 Ronin” director Carl Erik Rinsch millions to produce the sci-fi series “Conquest.”
• But Rinsch used the money to trade stocks and crypto instead, per The New York Times.
• Rinsch made a windfall trading Dogecoin and splurged his earnings on fancy cars and designer goods.

“47 Ronin” director Carl Erik Rinsch seized the millions from Netflix to venture into a different creative endeavor – venturing into the stock and cryptocurrency markets.

The 46-year-old director landed a $61.2 million production deal from Netflix for a sci-fi series, The New York Times’ John Carreyrou reported on Wednesday, citing a November 2018 term sheet.

According to The Times, Netflix had invested $44.3 million on Rinsch’s show “Conquest” by March 2020. However, Rinsch then informed the streaming company that he required more capital, or production would halt.

Netflix granted Rinsch’s request and allocated an additional $11 million to his production company.

However, the money wasn’t utilized to produce the series. Rinsch diverted $10.5 million from Netflix’s 2020 funding round to participate in the stock market, The Times reported, citing court filings and financial documents from his divorce. Rinsch eventually lost $5.9 million trading.

Rinsch shifted his focus to the crypto market, per The Times. This time, he struck gold. Rinsch’s $4 million investment in Dogecoin transformed into nearly $27 million.

Rinsch spent $8.7 million on high-end cars and luxury goods, The Times reported, citing findings from a forensic accountant hired by Rinsch’s wife. His acquisitions included a Ferrari and five Rolls-Royces, per The Times.

Despite pouring more than $55 million into Rinsch’s series, Netflix has not received any episodes from the director.

Thomas Cherian, a spokesperson for Netflix, informed The Times that they’ve given up on Rinsch’s series, stating that it was “clear that Mr. Rinsch was never going to complete the project he agreed to make.” Rinsch declined to answer The Times’ questions when contacted for comment.

Rinsch and Netflix are currently involved in confidential arbitration proceedings, per The Times. Rinsch, who The Times said had initiated the arbitration, claims Netflix owes him at least $14 million in damages for breaching their contract.

Rinsch’s filmography only includes one movie, the Keanu Reeve-starring action film “47 Ronin” from 2013. The movie was critically panned and was one of the biggest box office flops that year.

Representatives for Rinsch and Netflix did not immediately respond to a request for comment from Business Insider sent outside regular business hours.