Director sentenced for using Netflix funds to trade crypto

Scott Melker examines the case of filmmaker Carl Rinsch, who was sentenced to 30 months in prison after misusing $11 million in Netflix production funding to finance personal cryptocurrency trading.

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Video Transcript

00:00 Speaker A

We have a special segment we like to do on this show called How Not to Invest. Hit it.

00:07 Speaker B

How not to invest

00:09 Speaker C

How not to invest

00:12 Speaker A

How not to invest.

00:16 Speaker A

So good. That really, you know, that just if I just played that when I woke up every single morning, I don't think I could ever have a bad day.

00:23 Speaker A

It's just so good. But how not to invest here, uh okay, we're stretching it because you couldn't have done this if you tried, but it's an amazing story. I'll show it to you right here.

00:36 Speaker A

Director Carl Rinsch, I think that's how you pronounce it, sentenced to 30 months in Netflix fraud case after Keanu Reeves and attorneys cite mental health struggles.

00:48 Speaker A

So listen, this guy was supposed to get 60 months before I tell you what it was, and then Keanu Reeves showed up and vouched for his character. Imagine you're a judge and John Wick rolls in.

01:01 Speaker A

Just like, what's the sentence?

01:05 Speaker A

Okay, half.

01:07 Speaker A

Okay, half. I'm going to cut you in half if you don't cut the sentence in half.

01:11 Speaker A

That's basically what happened. So listen, what this guy did, he had, he he's the director of 47 Ronin, right, which was a famous movie I think that had John Wick in it. And he was given an 11 million budget by Netflix to make a show called White Horse, also known as Conquest. And what he did instead was he went and lost about half of that trading options, didn't make the show at all, then took the remaining 4 million he had left and, to his credit, turned it into 23 million on dogecoin. He traded it exceptionally well.

01:43 Speaker A

So he made 23 million on dogecoin and then he spent it on five Rolls-Royces, a Ferrari, and 600 grand on mattresses. One he returned because he was allergic. I instantly had to look that up. Just really quick, show the screen. You can get these Hastens mattresses with Gretzky in the back. It comes with the girl, the Louis Vuitton furniture and this weird guy. Those mattresses can be up to $600,000. I learned that today. But he wasted all that money. Now he is going to go to jail. Do not pass go, do not collect two Hastens mattresses.

02:18 Speaker A

That's the new monopoly game.

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