$9 Million Celeb Rip-Off?

By Stephen M. Silverman

Friday September 25, 1998 12:00 AM EDT

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One-time Wall Street wonderboy Dana Giacchetto -- money manager to the rock band Phish, Matt Damon, Courteney Cox Arquette and others -- was indicted on five counts of securities fraud and other offenses in U.S. District Court in Manhattan on Tuesday. Giacchetto, accused of misappropriation of more than $9 million belonging to his clients, was also charged with lying to the SEC and altering an expired U.S. passport when he allegedly attempted to flee the country earlier this month. The indictment offered an inside peak at how the 37-year-old so-called party boy, who is now behind bars, spent his money (and, possibly, the money of his clients). Among Giacchetto's listed expenses: airline tickets totaling more than $100,000, a Hollywood hotel bill in excess of $80,000, and restaurants receipts of more than $55,000. Arraignment is scheduled for May 4.