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Debt settled with book rights

August 11, 2007|From Reuters

Former celebrity money manager Dana Giacchetto surrendered his share of a book deal and rights to his story to a bankruptcy trustee to satisfy about $3 million owed to former clients and others, according to federal court documents filed Friday.

In a settlement filed in U.S. Bankruptcy Court, Giacchetto relinquished any rights to a movie, TV show or serialization of the book, "You Will Make Money in Your Sleep: The Story of Dana Giacchetto, Financial Advisor to the Stars."

He also surrendered any intellectual property rights to the book, and his life rights, until his creditors receive full repayment, said Bob Wolf, counsel to bankruptcy trustee Robert Geltzer.

Giacchetto pleaded guilty to fraud in 2000 for taking money from noncelebrity clients to finance a highflying lifestyle and to give extraordinary returns or mask losses to star clients such as Tobey Maguire, Courteney Cox and Cameron Diaz.

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