(Cameron Diaz’s Old Manager Dana Giacchetto) Arrested For Fraud?

Looks like it’s bad news bears again for Cameron Diaz’s old money manager. Diaz’s former money manager, Dana Giacchetto, who also worked with Leonardo DiCaprio, and Ben Affleck, was arrested again on fraud charges. Stories go back to fraud from 1999 and back then he was just known as a 37-year-old hard partying money manager to a ton of A-list celebrities.

The money manager who made headlines over a decade ago for bilking A-list celebrities is now tossed in the limelight again, and it’s looking to be very reminiscent of initial reports on Giacchetto’s old dealings.

According to Newsday Diaz’s former money manager was released on Thursday on a $150,000 bail after he appeared in court. Currently there’s a complaint against him that accuses Dana of using someone else’s credit card in order to purchase items more than $10,000 a year ago while in New York. Giacchetto’s lawyer of course denies these claims.

As stated above, this isn’t the only time Giacchetto has been in the news for fraud. Observer reported back in the day that Diaz’s manager lost seventeen clients, including Cameron Diaz, over a period of few days. One of his big busts included a multimillion dollar deal marketing Leonardo DiCaprio’s name in the Far East where the then heart throb had been filming The Beach. According to industry sources, “He was making a deal that would have paid Leo $25 million and Dana would get $100,000 a month.”

During this deal Giacchetto functioned like a manager instead of a money manager and attempted to bilk Leonardo DiCaprio out of money. In fact, he failed to mention the deal to anyone that was connected to DiCaprio. Because of this close business acquaintances to DiCaprio such as Michael Ovitz and Rick Yorn cut ties from Giacchetto.

Eventually he pleaded guilty to charges that had the money manager swindling $10 million of his clients’ money on materialistic things including drugs, and a very wild lifestyle. For the charge he went to prison for five years.

Meanwhile it’s obvious his former clients have gone their separate ways and have enjoyed the fruits of their labor. Last year Cameron Diaz wrapped on her film with Jason Segel called Sex Tape. While filming the movie at Tufts University in Michigan, production was asked to change the name as the school was nervous about the original title. The film which sees Diaz and Segel chasing after their released sex tape, was changed to Basic Math. The name was then changed back to its original title as soon as they wrapped.

You can catch Cameron Diaz and Jason Segel go through every position of “The Joy of Sex” when the film hits theaters on July 25.