Hollywood director invests in cryptocurrency :)

[zasad@]

A bit of humour

https://apnews.com/article/netflix-rinsch-aea5fb149cb5846500c1ad262c26b0c5

"A Hollywood writer-director was arrested Tuesday on charges that he swindled $11 million from Netflix for a sci-fi show that never aired, instead steering the cash toward cryptocurrency investments and a series of lavish purchases that included a fleet of Rolls-Royces and a Ferrari.

Rather than using the extra money to wrap up production, Rinsch quietly transferred the money to a personal brokerage account, where he made a series of failed investments that lost about half of the $11 million in two months, according to prosecutors.
The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move, with Rinsch eventually transferring the earnings into a personal bank account, according to an indictment.

From there, Rinsch spent about $10 million on personal expenses and luxury items in a spending spree that, according to prosecutors, included about $1.8 million on credit card bills; $1 million on lawyers to sue Netflix for more money; $3.8 million on furniture and antiques; $2.4 million for five Rolls-Royces and one Ferrari; and $652,000 on watches and clothes.

Rinsch, 47, was arrested in West Hollywood, California, and had an initial court hearing on Tuesday."

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Why does he need five Rolls Royces?

The fraud and money laundering charges each carry a maximum sentence of 20 years, while each of the monetary transactions charges carries a maximum sentence of 10 years.
https://cointelegraph.com/news/filmmaker-charged-alleged-11-million-defraud-netflix-gamble-crypto



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https://asktom.cf/index.php?topic=5535765.msg65287793#msg65287793  second story

[Solodoski]

The sad thing about this is that he got some profit from his investment and still squandered it all trying to gamble on many investment choices that he probably hoped would continue to bring him more money. Buying five Rolls-Royces with money meant to execute people's projects is the height of it. What in Christ's name is the use of five Rolls-Royces when the money you are using to get it isn't yours?

he certainly has enjoyed enough of the outside world, time to test what staying behind bars feels like.

[Z-tight]

This is a funny one to be very honest, what exactly was he thinking here buying five Rolls Royces and spending lavishly on himself, did he forget what he was supposed to use the money for, that is the question i am asking myself here. If he had used the money for investments alone, then we could say he got greedy and was trying to gamble by making interest from the capital he received for the series, but when you buy 5 cars, it means you don't give a damn or there is something we don't know yet about the case.

[avikz]

Lol! The director must have thought of doubling the money by investing in crypto first before starting the shoot. But since that that went well initially, he might have planned to earn ever more. This is what happens when greed takes over human mind. It's funny but it's a social disorder. Who needs 5 Rolls-Royce cars!!! It's great to see that the person got arrested. This get rich quick mindset should end somewhere!

If the person has delivered what he was supposed to do, he could have enjoyed an affluent and free life.

[Jating]

"Art imitating life"?

Yeah, there's a lot of question here, and he has the nerve to sue Netflix to get more money? What happen to this director? He just lost all his credibility here and I don't know if he can comeback after this case.

Sometimes this people who have a lot of money already don't know how to handle and instead of investing it and making their life good, they squandered everything in an instant.

[sokani]

If someone gambled with money that was meant for a particular purpose and lose, but later recovered it through crypto investment. Why not replace it, why spent it on frivolities? For someone that has a well functioning brain, that's the right thing to do. The fact that he sued Netflix after diverting the production fund is even weird, who does that? The story does not make sense at all.

[HeRetiK]

I never understand what goes on in people's minds like that. What was his endgame? Did he expect to just... get away with it?

$1 million on lawyers to sue Netflix for more money

That's my favourite bit though. Maybe his plan was to sue Netflix for more money to cover the $11MM already lost? 

[Z-tight]

That's my favourite bit though. Maybe his plan was to sue Netflix for more money to cover the $11MM already lost? 

Lol, he is just clutching at straws, and i cannot see him getting out of this one, he is surely going to get a long jail time, except there is more to the story than has been exposed to the media, other than that, we can say the man has gone insane.

I never understand what goes on in people's minds like that. What was his endgame? Did he expect to just... get away with it?

Maybe drive away in one of his Rolls Royse, never to be seen or heard from ever again. How do companies and individuals recover losses in cases like this, i mean, if he is found guilty and sentenced, and then all assets are liquidated, if it is not up to the amount embezzled, what happens? The prosecution bears the loss?

[NotFuzzyWarm]

...
How do companies and individuals recover losses in cases like this, i mean, if he is found guilty and sentenced, and then all assets are liquidated, if it is not up to the amount embezzled, what happens? The prosecution bears the loss?

Well, yes Netflix loses the money.
Thing is, Production Companies most often will have insurance to cover such things. Safe bet that Netflix does so the difference will be paid out by the insurance company and for the rest of the idiots life he will be having any income (including what he is paid while in prison) garnished to pay back the insurance company.

[HeRetiK]

How do companies and individuals recover losses in cases like this, i mean, if he is found guilty and sentenced, and then all assets are liquidated, if it is not up to the amount embezzled, what happens? The prosecution bears the loss?

What's the saying? If you owe the bank $100 that's your problem. If you owe the bank $100 million that's the bank's problem.

[Majestic-milf]

 Lols, I think he thought he was Invincible Man where he can walk away without being apprehended. His actions just point to the fact that he's a wasteful person. How can you spend money on so many cars? He lost money due to his careless attitude and managed to get it back with some investments in crypto but yet he couldn't use if for something beneficial instead it was to buy cars.
Like what was his motive? Because this will only get you in trouble with not just the company but the law as well.
 This story is so hilarious to the point that it can make one angry by the sheer wastefulness of this guy. I mean, he deserves anything that the court gives him.

[DaveF]

....$2.4 million for five Rolls-Royces and one Ferrari.....

A Rolls-Royce Ghost (base model) starts at about $350K and a Ferrari Roma (basic price) is about $250K so he didn't even get good ones.
*Assuming he bought new.

But seriously, it just gets to the point of did he think he was going to get away with it or was it screw it, I'm in way over my head and going to jail might as well have some fun 1st.

-Dave

[BenCodie]

Why not just produce the show and then invest the profits into Bitcoin afterward  What a stupid way to spend the money too. Hollywood though, I suppose it makes sense

[DaveF]

Why not just produce the show and then invest the profits into Bitcoin afterward  What a stupid way to spend the money too. Hollywood though, I suppose it makes sense

Don't blame Hollywood for this. It's theft nothing more. No matter how much $ the film made there is no way someone who is not a A list well know director is going to get that much money.
And then you have those pesky things like taxes and everything else.

-Dave

[Gozie51]

A bit of humour


Rather than using the extra money to wrap up production, Rinsch quietly transferred the money to a personal brokerage account, where he made a series of failed investments that lost about half of the $11 million in two months, according to prosecutors.
The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move, with Rinsch eventually transferring the earnings into a personal bank account, according to an indictment.

This would have been a good turn around for him. I guess he initially traded the money (my thinking though  ) and lost some part and afterwards decided to invest in crypto and hodl where he made some profit then why not go focus on the production rather to going into spending spray. Well, maybe he could be hallucinating that he already finished the production. I'm just thinking aloud what he had in his mind. This is not a good reputation for him an A list producer I guess.

[Dark_Tips]

That is funny 

[NeuroticFish]

The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move, with Rinsch eventually transferring the earnings into a personal bank account, according to an indictment.

From there, Rinsch spent about $10 million on personal expenses and luxury items in a spending spree that, according to prosecutors, included about $1.8 million on credit card bills; $1 million on lawyers to sue Netflix for more money; $3.8 million on furniture and antiques; $2.4 million for five Rolls-Royces and one Ferrari; and $652,000 on watches and clothes.

The idiot was greedy and impatient.
He could have given Netflix back their money from the profit of bitcoin investment, while still keeping some and then continue living a good life.
But no, let's spend $10M more on crap and sue Netflix for even more, cause they don't have lawyers.

[zasad@]

The filmmaker then dumped the rest of the money into the cryptocurrency market, which proved to be a profitable move, with Rinsch eventually transferring the earnings into a personal bank account, according to an indictment.

From there, Rinsch spent about $10 million on personal expenses and luxury items in a spending spree that, according to prosecutors, included about $1.8 million on credit card bills; $1 million on lawyers to sue Netflix for more money; $3.8 million on furniture and antiques; $2.4 million for five Rolls-Royces and one Ferrari; and $652,000 on watches and clothes.

The idiot was greedy and impatient.
He could have given Netflix back their money from the profit of bitcoin investment, while still keeping some and then continue living a good life.
But no, let's spend $10M more on crap and sue Netflix for even more, cause they don't have lawyers.

Drugs destroy the brain. Is a reasonable person capable of such stupidity?

[NeuroticFish]

Drugs destroy the brain. Is a reasonable person capable of such stupidity?

Drugs can be indeed a good answer. I don't know how fast they damage the brain, but maybe he was already taking them for long time, so it doesn't matter that much.
On the "reasonable person" question... well... allegedly Einstein claimed that human stupidity is closer to infinite than the universe size so I don't know.... 

[Davidvictorson]

Why does he need five Rolls Royces?

To drive one on each day of the week. I bet they were of different colours too. On Mondays, he'll drive the blue Rolls Royce, on Tuesday, he'll drive the yellow Rolls Royce, he'll do this until Friday when he drives the black Rolls Royce. Saturdays are the Ferrari. 

Lol! The director must have thought of doubling the money by investing in crypto first before starting the shoot. But since that that went well initially, he might have planned to earn ever more. This is what happens when greed takes over human mind.

Unfortunately, he either ignored the good advice that would have been given to him by his friends or he just took their bad advice and thought nothing would happen now he will spend at least 10 years in prison for his greed.