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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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Previous 15 Comments | 1 | 2 | 3 | 4 | 5
61.

Susan B.    

As already stated, homely man with little acting talent who makes generally crappy movies but whose name is Coppola...didn't take responsibility for own money and now crying...cry me a river...

1831 days ago
62.

m    

Gee Nic, remember all those times when you acted like an ass toward your ex wife, fans.

I love this fact that you are losing money.

Gee, Oprah said it best, sign your own paychecks!!

Your current wife will soon be walking and taking the rest of your money.

1831 days ago
63.

just some guy    

This is the same thing every actor does. they hire a business manager to take care of their funds, then they're crazy with their money and disregard all the financial expert's advice. then they're surprised when they find out that they have no more money and they owe money to creditors and the IRS when the business manager has probably been begging, on their knees, for the person to stop spending money and start listening to their advice. then they sue because they are children who can't take responsibility for their own actions. nobody has any sympathy for you, Cage. and did somebody say "worst actor ever"? because they're right.

1829 days ago
64.

Steven R. Smith    

Give me a freaking break....like we all didn't loose something in this economy; a job, our 401k's/IRA's value, foreclosure, etc. Even if he lost 1/2 his net worth he's still probably a multi millionaire. While I don't dislike him, I'm not one of his biggest fans either but come on Nick......you never put all your eggs in one basket. Especially if you have alot of eggs. It would pay in cases like your's to have several financial advisors and ask questions of all of them.....
Gee, you got about $300k you could throw my way? I would sure like to be mortgage free.

1829 days ago
65.

Mrs Patrick Campbell    

Is Nicolas a homosexual? That has always been our impressia.

1828 days ago
66.

Bob S    

Unreal. If I had that kind of money, not only would I have a business manager but another to watch over him, but I would also be monitoring everything constantly. How can you go that long without checking what is happening with your money?

1802 days ago
Previous 15 Comments | 1 | 2 | 3 | 4 | 5

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