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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.


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Sorry, Nic. You're my man, but I'm not buying this "wasn't my fault" s**t. You've made too much money not to have enough to pay your bills. Not looking good, bro.

1800 days ago

Grumpy old man    

Cage is turning out to be the white, actor version of M.C.Hammer -remember that guy? lmao
And, I've made this statement several times w/in the last wk ever since I read that he owes the IRS $6 mil in back taxes (and I'll say it once more)... Cage is a dumbass. This is a guy who once bragged to E! News a few yrs back that he knowingly squanders every paycheck he gets from his movies on stupid toys b/c he can't handle his money so, he just blows it. HE SAID THAT HIMSELF so, wtf is he blaming his former business manager on squandering his millions. HE DID THAT SH*T HIMSELF! He's a white M.C Hammer-esque douchebag a$$hole.

1800 days ago


It's a bit stupid not to know where your money is going. Sounds like Nic just signed off blindly on what his manager was doing and now blames him when he should be blaming himself for not following up.

1800 days ago


This is tragic. Now, Cage is going to have to make really bad movies just for the paycheck. Oh, um. Yeah.

1800 days ago


One of harveys bros no doubt!

Levin...? I'm just sayin!!!!

1800 days ago


who is harvey levin??

1800 days ago

Thomas Murphy    

He is SUCH a nobody, a hyped-up, plastic, posing, self-important loser, that he is, finally getting what he deserves.

1800 days ago


Goes to show that you shouldn't trust anyone with your money.

1800 days ago


Most actors are pretty stupid. Can imagine HIRING SOMEONE TO MANAGE YOUR OWN MONEY? That was mistake one.

What a fricking idiot Cage is. Go make another throwaway crap movie and take your lumps like everyone else.

1800 days ago


he was an idiot with his money and now he's jeopardizing the future of a family of 5 just because he needs more houses

1800 days ago


Nic.. if the legend I've heard is true, there's a couple of points I'd like to make about your bad luck:

Dude... you never shoulda sat on "The Kings" throne... talk about bad mojo!!!

And then to strike a pose on the floor... well that's really, really bad taste & double bad mojo!!!

Never shoulda messed with E.P.!!!! Hey... I'm just sayin'...

1800 days ago


There should be stricter laws governing Managers & Accoutants. They seem to forget they were hired as employees of the Super-Rich & Famous People. Remember Bernie Madoff. There the criminals,

1800 days ago

Zippy T. Pinhead    

This is terrible news. I feel so sorry for poor old Nick. Hope things work out for him in the near future. Oh sorry, gotta go, we managed to catch a squirrel for dinner tonight, but going to have to divide it up and hope its enough to feed me and my 3 children, plus I have to go looking for some wood in the park to burn to keep us kinda warm because the power was shut-off to our house yesterday. But anyways, I really hope things work out for poor Nick.

1800 days ago


Nick Cage has not acted in decades, he has the same accent from Valley Girl as a WW II officer as he does in every role. The most overrated actor in the industry. Why? Oh yea his real name is Copola. I will pay a thousand to never see him again.

1800 days ago


And here I thought it was Cage's mediocre acting skills

sooooo I guess the OverBlown Levin(ing) Agent fell flat?

1799 days ago
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