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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

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16.

jim goosh    

Nic Cage IS A DOUCHE> He can't act and he's so EFFIN UGLY. Thise Ridiculous Caps and INK HEAD HAIR DYE BY and Eyebrows by SHARPIE make him look like a joke. HAHA You Loser. I think that he made bad real estate investments on his own, unwittingly like everyone else in the country and had his homes devalue. This happened to everyone during the least few years and now he's trying to blame it on his manager. Gimme me a break

1742 days ago
17.

katie lady    

feel absolutely no pity for this guy. he is fortunate to have had wonderful opportunities and luck in his career. he squandered it. he made choices; even listening to an investment guy who may have made unrealistic promises. he should have checked the guy out, he should have done the homework. he was greedy, he spent recklessly. did he need a private jet? drives up the cost of movies for those of us ho resort to netflix.

1742 days ago
18.

Extravagantly-Creative    

)

That's why you never relinquish full-control of your money to someone else . . . . More importantly, THAT amount of money.

No matter how many credentials they have next to their name.

Especially, if they're not family !!


.

1742 days ago
19.

London not England    

IS HE F@#KING KIDDING?!?!??!
"placed him in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses."

what the F@#K was he buying the Brook land Bridge?!?!?!?!?

GREEDY GREEDY GREEDY GREEDY GREEDY......

Unless Nick Cage has NOT ONE brain cell in his F@#KING HEAD, there's no WAY he could have been forced to "BUY" anything anyone told him to without checking first...and he has SO much $$$$...
PLEASE....even if he LOST half of it, he's still be a multi, multi millionaire......and he's a bankable Hollywood star....he'd make it back in one Movie.....
This is what's wrong with the world America....GREED!~! How much do you need Nick? I could understand if someone STOLE millions from your account like Dane Cook's brother...but c'mon!!!!???
GREEDY GREEDY GREEDY GREED!!!!!!!!!!!!

1742 days ago
20.

o rly    

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

Posted at 11:24AM on Oct 16th 2009 by Simone

----

She says from her basement which is somehow under a bridge.

Sweetie, I AM outside. Yay for netbooks, wi-fi, & 3G networks!
*hearts*

1742 days ago
21.

Extravagantly-Creative    

)

Even if they were doing a good job with your investments . . . . How would you ever know, whether or not, they were stealing large sums of money from you monthly if you relinquished full-control to someone else ??

.

1742 days ago
22.

whats up Doctors    

Thats got to suck.

1742 days ago
23.

Amycat    

Nic Cage has made more movies in Hollywood the past 25 years than probably any other actor. Most of his movies are really bad action movies that he does just for the $$$$$. As Sean Penn said "Nic Cage sold himself out a LONG time ago." Nic made $40 million last year alone. He probably has earned at least $400 million over 25 years. Now he is broke? Guess Mike Tyson isn't the only one to blow through $400,000,000 and to be in debt.

1742 days ago
24.

Greg    

I think he's just pissed because his manager enticed him to invest in several wig companies. It is a "wiggy situation" now that Nic has decided to "wig out on him."

1742 days ago
25.

Yolanda Nixon    

Huge tax liabilities? If this is so, then he must have made a huge amount of money. You don't pay tax on money you don't earn.

1742 days ago
26.

Lizzie    

This JACKEL can't act worth a damn!!!!!!! With alllll that $$$$$$$
that you had & HAVE, get yourself some hair!!!!!!!!! Hope you fall flat on your stupid ass face w/ this law suit!! Jerk, YOU
are suppose to be watching over your $$$$$$$$$$$$!!!!!!! HA! HA!

1742 days ago
27.

dr. drrrrrinks    

what A loser! he must have made close to a 100million in his career. he should have put most of his money in safe investments not risky ones, now he wants to sue because he is dumb tough sh!t.
now everyone knows he is as stupid as he is ugly, and how long before his chinc wife dumps him. Lets go drrrrrink

1742 days ago
28.

Josh    

it always makes me laugh that these actors and sports guys get a lot of money and then get managers who convince them to get involved in stange investments. If you have tens of millions, just put it in tax free money markets.

1742 days ago
29.

MadonnaAct2    

What's with this Simone and O rly thing. Time out for both of you!

1742 days ago
30.

MadonnaAct2    

Hmmm...Is this guy related to Harvey Levin of TMZ???

1742 days ago
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