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Celebrity money manager sent to prison

From CNN Money's Allan Dodds Frank

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NEW YORK (CNN) -- Dana Giacchetto, the so-called money manager to the stars, was sentenced Wednesday to almost five years in prison, the maximum permitted by sentencing guidelines, following his guilty plea this summer to federal charges of stock fraud.

He has already served 10 months for bilking his clients out of $9.8 million.

On Wednesday, Judge Robert Patterson sentenced Giacchetto to 57 months in prison during an appearance in federal court and ordered him to repay the clients he defrauded. Patterson questioned Giacchetto at length during the sentencing about where the money had gone. Giacchetto had pledged to cooperate with law enforcement in exchange for a reduced sentence, but Patterson made it clear he did not believe Giachetto had been forthcoming.

Giacchetto's lawyers cautioned him against answering some questions, fearing he would open himself up to additional charges, including money laundering.

Giacchetto has listed Matt Damon, Ben Stiller and the rock group Phish as among his clients, but prosecutors have not identified which of his clients lost money.

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