Former money manager to the stars Dana Giacchetto is staging a comeback—as a rock star. He gained notoriety in 2000 after being accused of using money from the accounts of his lower-profile clients to pad the pockets of his celebrity friends and clientele—including Tobey Maguire, Cameron Diaz, and Ben Stiller—apparently to keep them happy with him. His company, the Cassandra Group, ended up in crippling debt; Giacchetto was convicted of fraud and sentenced to nearly five years in prison. Now he’s out, and he has a band, which, not incidentally, shares its name with a big-time Hollywood movie that was a financial fiasco: Waterworld. They’re scheduled to play Joe’s Pub on December 28.

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Related:

• Archive: “Intelligencer”
• Articles by Sara Cardace
• Table of Contents: Dec 26, 2005 issue of New York | Subscribe!