NEW YORK — Former celeb clients of disgraced money manager Dana Giacchetto have begun paying back funds that were improperly diverted to their accounts, court records show.
A year after fraudulent-conveyance suits were filed by Robert Geltzer, a court-appointed trustee handling the Cassandra Group bankruptcy, legal agreements have been reached with Cameron Diaz, Alanis Morissette, Tim Roth, screenwriter Richard LaGravenese and CAA prexy Richard Lovett to return money that was transferred to their accounts from Giacchetto’s less famous clients.
Giacchetto, who pleaded guilty to securities fraud in 2000 and left federal prison for a halfway house earlier this year, said the stolen funds were investment returns. The money-shifting was an attempt to cover up his crumbling stock fund.
The suits filed by Geltzer, known as fraudulent-conveyance or avoidance actions, do not necessarily imply wrongdoing by the stars, but say they received “unjust enrichment.”
In the recent settlements, Giacchetto’s former clients paid back about half of what Geltzer sought. Diaz paid $100,000; she was sued for $208,600. Lovett gave back $75,000; his suit was for $150,000. Other payments were made by Roth ($60,000), LaGravenese ($90,000) and Morissette ($1,800).
Larger sums being sought by Geltzer from former Cassandra Group clients are still in litigation. Those include Tobey Maguire ($350,000), Courtney Cox ($228,727), Ben Stiller ($96,094) and Mike Ovitz ($48,173).