FLAT-BROKE AND BUSTED

The former investment company of indicted money manager-to-the-stars Dana Giacchetto will be put into bankruptcy within a month, a court-appointed receiver for the company said Wednesday.

Lawyer Steven Cohen said Giacchetto's Cassandra Group has only about $50,000 in cash to its name and virtually no other assets, the Los Angeles Times reported. Cohen said he will recommend to a federal judge that the New York-based company be liquidated under Chapter 7 of the U.S. Bankruptcy Code.

The development marks still another chapter in the dramatic free fall of Giacchetto, 37, who is facing five federal criminal counts for allegedly misappropriating at least $9 million, much of that from celebrity clients such as the rock group Phish and actor Leonardo DiCaprio.

Giacchetto, through Cassandra, was a high-flying money manager with a client list and social circle of wealthy Hollywood stars and executives that also included actor Ben Affleck, actress Courteney Cox Arquette and talent manager Michael Ovitz.

The federal indictment handed up in April alleges that Giacchetto squandered client money on such things as $120,000 in hotel bills, $100,000 in airline tickets, $55,000 in restaurant tabs, $8,000 on helicopter flights and $35,000 on HITS subscriptions.