Director takes R$270 million from Netflix, produces no series and spends it all on stocks and cryptocurrencies

If you’ve been looking for a good science fiction series on Netflix but can’t find it, this could be your fault. Carl Rinsch. Known for directing the film 47 Roninsstarring Keanu Reeves, Rinsch raised $55 million (R$270 million) from Netflix to produce a series but never delivered it.

While cancellations are common in this industry, including films and series that are already considered ready, Carl Rinsch’s case borders on the absurd. In addition to claims that he could predict lightning strikes and volcanic eruptions, there are also reports that the director abused his team by shouting and swearing while filming his series in Brazil.

On the money side, Rinsch burned through much of the stock market as he gambled on the fall of the S&P500, an index that aggregates the 500 largest companies in the U.S., and the rise of Gilead Sciences, which was testing drugs at the time.

However, just like a movie script, the director managed to regain the lost amount by investing in cryptocurrencies. After purchasing Dogecoin (DOGE) worth $4 million, Rinsch profited $23 million in just a few months during the 2021 bull run.

This US$27 million ($132 million) could have been used to end the series, but it had a different purpose. With the winnings, the director bought six luxury cars, a R$1.9 million watch, as well as state-of-the-art furniture and designer clothes.

The Carl Rinsch series you’ll probably never see on Netflix

The series was initially called “The Organic Intelligence” (Organic Intelligence, in free translation), a science fiction about artificial humans. The problems were evident early on, when an actress ended up in hospital with hypothermia after filming in the snow without pants.

Still, Carl Rinsch raised money from the production company 30West and Keanu Reeves, allowing him to shoot six short episodes to sell his idea to major studios. Among those interested were Amazon, Apple, HBO, Hulu, Netflix and YouTube, all in a frenzy for original content.

By promising Rinsch unusual clauses such as the final director’s cut and the promise that he would be in charge of possible subsequent seasons, Netflix bested its competitors. The deal also involved a sum of $61.2 million, part of which was used to pay for the rights to the work.

The series was subsequently renamed “Conquest” (Conquista, in literal translation), which could be a new Netflix success alongside Narcos, Black Mirror, Stranger Things and House of Cards.

“It is set in a dystopian future in São Paulo, which serves as a refugee shelter”, points to the description of the Conquest series on IMDb. The cast consists of the Brazilian Bruna Marquezine.

Conquest series from director Carl Rinsch on IMDb.  Reproduction.
Conquest series from director Carl Rinsch on IMDb. Reproduction.

However, the series was never completed. During the filming in Brazil, Rinsch was accused of abusing his team with shouting, swearing and excessive irritation. In Budapest, the capital of Hungary, the director reportedly spent days without sleeping, claiming his wife planned to kill him.

In short, his marriage was over, and so was his mental health. In addition to being able to predict lightning strikes and volcanic eruptions, the director also claimed to have found a way to map “the signal of a virus coming from the Earth.”

Director did not supply series to Netflix and used money to invest in stocks and cryptocurrencies

Netflix has dropped $44.3 million on director Carl Rinsch. Conquest was planned to have 13 episodes in the first season, totaling 120 minutes. However, the director did not deliver a single episode to Netflix.

Even without showing results, Rinsch asked Netflix for more money, which agreed to back him with another $11 million. The amount now stood at $55 million (R$270 million).

According to bank records, the executive transferred $10.5 million to his personal investment account at Charles Schwab, where he began placing bets on the financial market.

As the world faced a health crisis, Rinsch gambled that shares of Gilead Sciences, which created a drug against Covid-19, would rise. On the other hand, he also bet that the S&P500, an index that brings together the 500 largest companies in the US, would continue to decline. The director was wrong in his predictions and lost $5.9 million in weeks.

Rinsch then took his remaining millions and deposited them with the Kraken cryptocurrency exchange, buying it all in Dogecoin (DOGE). In a twist in history, investments went from $4 million to $27 million during the 2021 cryptocurrency boom.

“Thank you and may God bless cryptocurrencies”the director told Kraken Support.

Despite Netflix’s money nearly tripling, Rinsch did not deliver any episodes to the company. With part of the money, the director bought five Rolls-Royces, a Ferrari, a watch worth almost R$ 2 million from the Vacheron Constantin brand, furniture for his house and also renovated his wardrobe.

During the divorce process, Rinsch claims that the luxury items come from his line and not from him. However, in his dispute with Netflix, the director claims that the money is contractually his. Going further, he also claims that the company owes him $14 million from various other payments.

The information comes from The New York Times.

Source: Live Coins