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Jury hears how Netflix director lost a fortune on options trades — days after streamer sent him $11M for 'visionary' show
- The Manhattan federal trial scrutinizes whether Netflix funds were used for the White Horse project or personal investments after the 2020 wired payment.
- Prosecutors say Rinsch moved funds to Wells Fargo and then to Citibank to establish a new brokerage, spawning seven-figure option bets soon after the payout.
- Witnesses testified that Rinsch engaged in highly risky options trades after Netflix wired the funds, risking millions.
- Defense argues the $11 million was contractually promised and meant for the project, not for personal expenditure.
- The trial revealed how Netflix wired the $11 million during the COVID-19 production halt in 2020.
- Jurors heard testimony from former Netflix executives about the project’s status and the decision to pull support.
- Prosecutors claim the funds were used for luxury spending and trading losses rather than project costs.
- Rinsch faces potential penalties if convicted of wire fraud, money laundering, and unlawful monetary transactions.
- The trial continues with ongoing testimony from financial advisors about the handling of the funds.
- The project 'White Horse' never produced a completed episode despite the funds and efforts.
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