Hollywood Director Found Guilty of Blowing $11 Million Netflix Budget on Crypto and Ferraris (decrypt.co)
- Reference: 0180369667
- News link: https://yro.slashdot.org/story/25/12/12/1428243/hollywood-director-found-guilty-of-blowing-11-million-netflix-budget-on-crypto-and-ferraris
- Source link: https://decrypt.co/352128/hollywood-director-guilty-of-scamming-netflix-out-of-11m-spending-it-on-crypto
Prosecutors alleged that Rinsch funneled the $11 million through multiple bank accounts into a personal brokerage account, lost more than half of it on securities within two months, and then began speculating on cryptocurrency. Court records show he also spent $2.4 million on a Ferrari and five Rolls Royces, $3.3 million on furniture and antiques, and $387,000 on a Swiss watch. Netflix has written off $55 million in total and has not recovered any funds. Rinsch faces up to 90 years in prison and is scheduled for sentencing on April 17, 2026.
[1] https://decrypt.co/352128/hollywood-director-guilty-of-scamming-netflix-out-of-11m-spending-it-on-crypto
[2] https://slashdot.org/story/23/11/22/1523229/the-strange-55-million-saga-of-a-netflix-series-youll-never-see
Why steal? (Score:2)
There are plenty of legal ways to take 11 million form a studio and pocket it without resorting to theft; Hollywood has perfected the game of taking money from one pocket and sliding it into another.
Re: (Score:2)
Because that's only open to nepo babies.
If you're wondering why Hollywood movies suck so much look at who is making them and who their parents are.
Never ask a man his salary, a woman her age or a Hollywood screenwriter why his parents' names are blue on Wikipedia.
Cocaine (Score:2)
Why do I feel like cocaine was involved in this somewhere?
Netflix movie (Score:4, Insightful)
Sounds like he planned to double his money through some quick investments and then lost it all. Ironically, this would make a great Netflix movie.
Re: (Score:3)
Yep. "I can take this $11 million, turn it into $17 million really quick, then pocket the extra and make that series.". Then when the $11 million becomes $4 million the spiral begins.
Re: (Score:2)
> Sounds like he planned to double his money through some quick investments and then lost it all. Ironically, this would make a great Netflix movie.
He should have just put 11$mill back and enjoyed the rest; I doubt anyone would b ethe wiser and he could have gone on and made the series. If it was a dud the studio would just have charge dthe loss to oteh rprojects.He thought he was too smart to lose and got greedy...
Re: (Score:2)
That wasn't possible. He lost a ton of money right out of the gate---half in 2 months.
His later losses were failed attempts to win it back.
Dude thought he was smarter than Wall Street. Now he's broke and in prison.
Re: (Score:2)
> That wasn't possible. He lost a ton of money right out of the gate---half in 2 months.
> His later losses were failed attempts to win it back.
> Dude thought he was smarter than Wall Street. Now he's broke and in prison.
Yea, TFA was not clear on what happened earlier as to source of money
An earlier report claimed that the director had actually turned a $4 million investment in Dogecoin into $27 million, but had then proceeded to spend much of his profits on luxury goods.
Re: Netflix movie (Score:2)
I guarantee he is already negotiating movie rights to depict his story with Netflix.
Re: (Score:2)
> Sounds like he planned to double his money through some quick investments and then lost it all. Ironically, this would make a great Netflix movie.
There was a movie called Kill the Irishman , starring the late great Ray Stevenson, that had a similar plot point: Danny Greene borrows money from the Mob to start a restaurant. The courier tasked with delivering the cash decides to take it and buy heroin with it, re-sell it at a profit, and keep the difference for himself. Except the sellers are Feds in a honeypot scheme. The money is gone, the Mob demands Greene pay them back, he refuses, so the order goes out to "kill the Irishman".
But ... (Score:1)
This story would make a great movie! He should pitch it to Netflix!
Re: But ... (Score:2)
Most def is already in the making. It will double as training video for fresh Netflix directors
Sora Sora Sora (Score:2)
Should have asked AI to make the movie for you and keep the money for yourself.
Bad summary (Score:2)
I was wondering how 11m in expenditure was able to be leveraged into 55m. Turns out it’s the combined $44m for failed delivery of the series and an additional $11m to meet those failed milestones. In reality he probably just pocketed the majority and it’s such a clusterfuck at this point it got written off completely.
Warner has a studio with decades of experience (Score:2)
so that this type of 5h17 happens much, much less.
Maybe they can help Netflix with this type of Junk.
I expect a pardon... (Score:2)
If it is criminal activity, I expect that Donald Trump will push for a pardon. Drug dealers with money get pardoned for example.
But did he... (Score:1)
But did he manage to stash two million to purchase a pardon?
Gambling addiction (Score:2)
As someone with no experience or qualifications, it sounds to me like he had a gambling addiction. He actually made a substantial profit on Dogecoin, but, instead of getting out then, he spent the money and gambled more.
No sense (Score:3)
> and $387,000 on a Swiss watch.
He would have gotten more functionality and style from a smartwatch.
Re:No sense (Score:5, Insightful)
> He would have gotten more functionality and style from a smartwatch.
for a definition of style that only you subscribe to.
Re: (Score:1)
Wow why didn't you warn him of this massive cost savings?
Re: No sense (Score:2)
Function - yes, style probably not. But there's a significant price-difference between "style" and "so obscenely expensive that you should be put unter guardianship"
Re: (Score:2)
The smartwatch would be obsolete in 90 years when he gets out of prison.