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Nic Cage Sues Biz Manager for 'Financial Ruin'

10/16/2009 12:42 PM PDT BY TMZ STAFF

Nicolas Cage, who has made untold millions over a long career, says his business manager has sent him "down a path toward financial ruin" and he wants $20 million minimum to repair the damage.

Nic Cage

TMZ has obtained a copy of a lawsuit, filed in L.A. County Superior Court, in which Cage claims Samuel Levin -- his business manager -- was so reckless and incompetent with his money, that he has now been forced to sell off major assets and investments and is faced with gigantic tax liabilities.

In the lawsuit, Cage -- who according to Forbes earned $40 mil between June 2008 and June 2009 -- claims over a period of seven years, "Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses."

Cage also claims Levin failed to pay taxes when they were due. As TMZ first reported, the IRS has filed liens against the actor for more than $6 million in back taxes.

Cage claims it was only this year, after firing Levin, he learned "the gravity of his financial condition."

In the lawsuit, filed by legal pit bull Marty Singer, Cage claims Levin never advised him of his financial bottom line and is guilty of "over-extending [Cage's] line of credit with banks and financial institutions." The suit claims Levin concealed Cage's "true financial condition prior to investments and assets being acquired by [Cage]." Translation -- Levin never told Cage to put the brakes on buying stuff because he was running out of money.

Nicholas Cage PicturesAnd, for bad measure, Cage claims he paid Levin millions and was "grossly" overcharged for his services.

Cage is suing for a minimum of $20 million.

66 COMMENTS

No Avatar
1.

Simone    

o rly's theme song is "Loser" by Beck.

1645 days ago
2.

o rly    

Sue SIMONE for mental ruin.

1645 days ago
3.

Wanda    

You can't act your way out of a wet paper bag anyway Nic.

1645 days ago
4.

Bonnie    


Nic, your idea of financial ruin is different from the really, financially ruined. It's your money and your responsibility to watch it. Sign all paychecks. If you watched Oprah, you'd know that.

1645 days ago
5.

Simone    

o rly is so not witty.

1645 days ago
6.

Machelle    



Pay your bills!!!!!
Like the rest of us do, and
without all that money, loser!!!!

1645 days ago
7.

that.is.all    

Cage needs to get hair plugs before he is a broke ass.

1645 days ago
8.

Simone    

o rly, you don't look better than anyone else, you're just a little troll, so go back under the bridge!

1645 days ago
9.

Loopi    

I know a dude that looks just like Nick Cage, but we call him "Stud".

1645 days ago
10.

o rly    

Simone, you simpleton, trolling is a art.

1645 days ago
11.

CRAZY IS AS CRAZY DOES    

Can't live with them, and can't live without them!

1645 days ago
12.

aligirl    

Nick, I still love ya, but the guy must of stole your acting skills while he was stealing your money, get it together man...

1645 days ago
13.

Simone    

o rly, get off the computer and get a life. *shoves you outside*

1645 days ago
14.

rhbjorn    

Comme on. Who did not lose money on real estate. We all made it and we all lost it. No reason to sue anyone.

1645 days ago
15.

Triple B    

Happy to see Nic going PRO-ACTIVE in dealing with his financial problems! Smart man! Good luck recouping what you've lost.

Read on: From
http://www.fa-mag.com/component/content/article/1-features/1614.html?Itemid=41


On January 3, Jonathan Clements’ “Getting Going” column in The Wall Street Journal carried this headline: “Don’t Get Hit by the Pitch: How Advisers Manipulate You.”

Clements wrote, “unscrupulous financial salespeople can often persuade even well-educated folks to sink huge sums into rotten or fraudulent investments.” Worse yet, “Even ethical financial advisors use these tricks.”

1645 days ago
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