Thanks to good behavior, time already served in prison, and his willingness to enter rehab, he was released early, but his life has never been the same. Giacchetto's downfall began in 1988, when his mother, Alma, loaned him almost $200, 000 so he could found the Cassandra Group. Giacchetto already worked as an account executive at Boston Safe Deposit & Trust, and he used his bona fides to persuade friends in new wave and punk bands to put money in an investment group for cool, arty people. DiCaprio twirls his cockatoo in Giacchetto's penthouse. Thanks to his business skills and rock cred, Giacchetto started working with Sub Pop Records, the iconic indie label that was simultaneously broke and famous for releasing Nirvana's first album, Bleach. Soon after, Giacchetto worked as the money manager for all of Sub Pop's acts, as well as for the Smashing Pumpkins, Alanis Morissette, Phish, Victoria Williams, Q-Tip, R. E. M., and many of their agents and managers. Giacchetto went to prison for stealing $9 million from a number of these clients, including Phish, who lost more than $1 million, according to the New York Times.
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