Nicolas Cage Suing Business Manager for Financial Ruin
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Nicolas Cage had a lien filed against his assets by the IRS, so hes been selling property to raise the money needed to pay off his $6 million dollar debt. Now Cage is suing his business manager Samuel Levin, and is asking for a minimum of $20 million to repair the damage.
Picture of Nicolas Cage Suing Business Manager for Financial Ruin [source:HollywoodGrind.com]
Cage earned $40 million between June of 2008 and June of 2009, according to Forbes, but the problems started after:
"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. 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 [Cages] line of credit with banks and financial institutions." The suit claims Levin concealed Cages "true financial condition prior to investments and assets being acquired by [Cage]."
Cage claims he paid Levin millions and was "grossly" overcharged for his services.
Theres a lesson here. Hiring someone to manage your finances doesnt excuse you from reviewing your account records, purchases, and other financial documentation to be sure you are not being scammed.
Despite Cages losses, he still has his hot wife Alice Kim.
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