Date: 8th February 2001

Giacchetto: "I'm Not A One-Dimensional Mendacious Character"

Former Hollywood money manager Dana Giacchetto, whose clients once included actors Matt Damon, Ben Affleck, Cameron Diaz and Leonardo DiCaprio and the rock groups Phish and R.E.M., was sentenced to 57 months in prison Wednesday following his conviction on charges of diverting millions of dollars from his clients' accounts into his Cassandra Group and using some of the funds to pursue a jet-set lifestyle. He was also ordered to repay nearly $10 million to creditors, clients and banks. As reported by's Roger Friedman , Giacchetto apologized to his victims in a rambling statement prior to sentencing, saying, "I'm very sorry. If you don't think I was doing a lot of drugs and drinking toward the end, ask anyone. ... I looked everywhere for help. I begged for help. I looked around and begged everyone for help! But no one would help me! Yes, I do lie. I've lived in a fantasy. I'm not a one-dimensional mendacious character. From the day I started Cassandra Group, I wanted to help artists. Please show me some mercy." Giacchetto's plea was ignored; he received the maximum sentence.

Source: Studio Briefing