Celebrities Said to Repay Illicit Funds
The Associated Press
Jul. 18, 2003
NEW YORK (AP) _ Cameron Diaz, Alanis Morissette and other former celebrity clients of convicted Wall Street fund manager Dana Giacchetto have agreed to repay the money he illegally diverted to them, Thesmokinggun.com Web site says.
Diaz has repaid $100,000 after being sued for $208,600. Richard Lovett, president of Creative Artists Agency, returned $75,000 after being sued for $150,000; Tim Roth returned $60,000; screenwriter Richard LaGravenese, $90,000; Morissette, $1,800; Leonardo DiCaprio's father, George, $2,000; and composer Philip Glass $2,500, the crime Web site said.
Giacchetto, 40, was convicted in 2001 of improperly diverting funds to his Hollywood clientele from the accounts of ordinary clients, claiming they represented investment gains.
He had pleaded guilty to federal fraud charges accusing him of squandering nearly $10 million of his Hollywood clients' funds on a lavish, drug-abusing lifestyle.
As a result of ``fraudulent conveyance'' lawsuits filed last year by the court-appointed trustee handling the Cassandra Group's bankruptcy, Diaz, Morissette and others recently agreed to return funds that will be used to repay Cassandra's creditors, said the Web site, which displayed documents from the Manhattan Bankruptcy Court.
The Web site said some of the largest sums still remain unpaid, including Tobey Maguire, $350,000; Courteney Cox, $228,727; Ben Stiller, $96,094; Jon Favreau, $19,027; Dan Cortese, $53,125; and Steven Van Zandt, $150,000.
Giacchetto, who was sentenced to four years and nine months in prison, entered a Bronx halfway house earlier this year; he is scheduled to leave July 28.
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