"Rinsch began filming the project, White Horse (later renamed Conquest), around 2017. (Its premise: A scientist creates an organic humanoid species that turns on its creators.) The director completed six short-form episodes with his own money and investor funds. He then used those episodes to pitch studios for the money to complete the first season. Netflix ended up buying the rights for over $61 million."
"In 2020, after spending $44 million of Netflix's money on the series, Rinsch petitioned for another $11 million to complete the season. The company agreed. Then things got weird. Instead of using Netflix's investment to finish the series, Rinsch transferred the funds to personal accounts. Within two months, he lost over half of it on seven-figure stock trades. He spent the rest on cryptocurrency."
"Then, lo and behold, Rinsch got a second chance: The crypto trades turned a profit. Did the director seize the opportunity to right his ship and finish the series? No, he didn't. Instead, he used the crypto profits to go on a $10 million shopping spree. According to prosecutors, he spent nearly $4 million on furniture and antiques, $2.4 million on five Rolls-Royces and a Ferrari, almost $1 million on mattresses and linens and $650,000 on luxury watches and clothes."
Rinsch began filming White Horse (later Conquest) around 2017, completing six short-form episodes with personal and investor funds and selling rights to Netflix for over $61 million. By 2020 he had spent $44 million of Netflix's money and requested an additional $11 million, which Netflix provided. He transferred those funds to personal accounts, lost over half in seven-figure stock trades, and invested the rest in cryptocurrency. Cryptocurrency profits funded a roughly $10 million shopping spree on luxury cars, furniture, linens, and watches. The series remained unfinished, Netflix canceled the project and wrote off over $55 million, and Rinsch was charged with fraud and related crimes.
Read at Engadget
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