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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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46.

razzledazzle200    

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.

1749 days ago
47.

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.

1748 days ago
48.

Nameless    

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.

1748 days ago
49.

tokyobk    

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

1748 days ago
50.

Xtian    

One of harveys bros no doubt!

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

1748 days ago
51.

Xtian    

who is harvey levin??

1748 days ago
52.

Thomas Murphy    

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

1748 days ago
53.

Alexa    

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

1748 days ago
54.

BambiStalin    

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.

1748 days ago
55.

Ani    

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

1748 days ago
56.

bka62223    

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'...


1748 days ago
57.

Brenda    

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,

1748 days ago
58.

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.

1748 days ago
59.

pinhead    

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.

1748 days ago
60.

vertigo242    

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

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

1748 days ago
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