Netflix, $NFLX, gave $11 million to filmmaker Carl Rinsch

Instead of utilizing the $11 million fund received from Netflix for his science fiction series, director Carl Rinsch diverted all the money into gambling and incurred a loss of nearly $6 million through futures trading.

However, he managed to transform the remaining $4 million of the grant into $27 million by investing in Dogecoin, a dog-themed cryptocurrency, as reported by the New York Times. Subsequently, he squandered his remaining wealth on extravagant shopping sprees and luxury cars.

Filmmaker Carl Rinsch had secured $11 million from the streaming giant Netflix for his sci-fi series. Later, he deposited $10.5 million into his Charles Schwab trading account and lost over half of it through options trading, according to the NYT report.

Apart from the $11 million funding, Netflix had already expended $44 million on the show in the past five years. The streaming platform acquired the rights to the series from Rinsch in 2018.

Unable to produce the series, Rinsch demanded an additional $11 million from Netflix for the show, only to lose a significant portion of the money in option trading on pharmaceutical stocks. Currently, Netflix has halted funding for the project and taken legal action against Rinsch, according to the NYT report.

The incident has sparked varied reactions online, with some dubbing Rinsch a "legend," while others view the fraud case as a compelling plot for a web series.

“They will own the rights to the story, make a documentary about his fraud, play it on Netflix, and recoup some of their loss," commented an X user on the post related to the incident.

“Mans used Netflix for exit liquidity," wrote another user on X.

“They will make more money on him if they make a documentary about his gambling and lifestyles and own the right to it. In the end, nobody loses," wrote an X user.

“Netflix got its content, just not the way it expected," wrote an X user.