How to destroy a Netflix series with Sam Bankman-Fried’s FTX scheme
Ever wondered what happens when a big-budget Netflix series goes off the rails? Let’s dive into the dramatic tale of Carl Erik Rinsch, the director behind 47 Ronin, who reportedly turned a lucrative Netflix deal into a high-stakes game of stocks and crypto trading.
It’s a story that feels straight out of a Hollywood script, except it’s all too real. Here’s how Sam Bankman-Fired crypto scheme claimed one of its victims in not only human form, but also in the form of a Netflix series.
Lights, Camera, Action? Not Quite!
It all started when Netflix handed over millions to Rinsch for creating a sci-fi series. Picture this: a $61.2 million production deal, a promising director, and the anticipation of a new Netflix hit. But instead of rolling cameras and crafting stories, Rinsch allegedly had other plans.
According to a New York Times report, a significant chunk of this budget ended up in the stock and crypto markets. Yes, you read that right. The director reportedly decided to trade stocks and cryptocurrencies, making and losing fortunes, instead of making the series.
The plot thickens as Rinsch’s trading escapades unfold. The New York Times highlighted how, after receiving an additional $11 million from Netflix, Rinsch used about $10.5 million to play the stock market. Unfortunately, this move wasn’t a blockbuster success, with losses amounting to nearly $6 million. But like any good plot twist, Rinsch didn’t stop there. He then turned his attention to the crypto market, where his $4 million bet on Dogecoin morphed into nearly $27 million.
Lavish Lifestyle or Financial Fiasco?
Rinsch’s story takes a more extravagant turn with his reported spending spree. Imagine splurging $8.7 million on high-end cars and designer goods, including a Ferrari and five Rolls-Royces. This spending, detailed in the New York Times through a forensic accountant’s findings, paints a picture of a director living a life more lavish than his movie sets.
Now, let’s talk about the elephant in the room: Netflix’s series. After investing more than $55 million, the streaming giant hasn’t seen a single episode from Rinsch. Netflix’s spokesperson told the New York Times they’ve written off the series, signaling a bleak end to what could have been a sci-fi spectacle.
It’s a stark reminder of how risky the business of content creation can be, especially when the creative minds at the helm take an unexpected turn.
The drama doesn’t end with unmade series and spent fortunes. The New York Times reported that Rinsch and Netflix are now entangled in confidential arbitration proceedings, with Rinsch claiming the streaming service owes him at least $14 million in damages. This legal tangle adds another layer to an already complex story, highlighting the often-undiscussed behind-the-scenes battles in the entertainment industry.
A Career in Question: The One-Movie Director
Adding to the intrigue is Rinsch’s relatively thin filmography. Known primarily for “47 Ronin,” a film that didn’t exactly set the box office on fire, Rinsch’s foray into high finance raises questions about his career trajectory. It’s a reminder of how the glittering allure of Hollywood often masks the real struggles and decisions faced by those in the director’s chair.
So, what does this all mean for the future of big-budget series and the people entrusted with them? It’s a cautionary tale about the risks of unchecked ambitions and the volatile nature of the entertainment industry. For aspiring directors and producers, Rinsch’s story serves as a stark reminder of the responsibilities that come with handling massive budgets and the consequences of straying too far from the script.
As we reach the end of this saga, one question lingers: What’s next for Carl Erik Rinsch and Netflix? Will this be the final curtain for Rinsch’s directorial ambitions, or is there a plot twist yet to unfold? Only time will tell, but one thing’s for certain: in the world of Hollywood, the show must go on.
