$20 MILLION!!! Imagine getting those paper served to you? Oy Vey!
Nicolas Cage is suing his former business manager for $20 million. The 45-year-old actor – who owes over $6 million in unpaid tax and has been forced to put several of his properties on the market – filed a lawsuit in Los Angeles on Friday, claiming Samuel Levin caused him huge financial losses by making bad investments.
The document states that over seven years Levin “placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses”.
Cage – who is being sued over a $2 million credit deal – has also alleged Levin did not pay some taxes.
The ‘Face Off’ actor also claims Levin did not warn him that he was over-spending.
Legal papers state Levin “over-extended Cage’s line of credit with banks and financial institutions” and hid his “true financial condition prior to investments and assets being acquired by Cage”.
It is also suggested Levin over-charged Cage for his services.
Cage says he has had to sell items “at a significant loss” because of his financial problems.
Forbes.com has reported Cage earned $40 million last year. He claims he was unaware of his financial difficulties until he got a new business manager in 2008.
Levin has not commented on the claims.
Photos by WENN.com
THANK YOU! My thoughts exactly! Where does the personal responsibility come in to play? You HIRE people to advise and take care of your personal financials, but at the end of the day YOU are still the RESPONSIBLE party for the decisions. Don’t blindly go along if you don’t want to be part of the Emperorers new clothing line.
This is bullshit: 1) If you put someone in charge of your investments, they invest in what they believe in. I find it hard to believe that Nick never seen any monthly statements. 2) “Legal papers state Levin “over-extended Cage’s line of credit with banks and financial institutions” That could never have been done without Nick’s written consent. 3) How could he not be aware that he owes 6 million in taxes? Does he not sign his tax return every year? Did he not read it? At the end of the day, we are all responsible for ourselves. Never trust anyone blindly and always read the fine print.
This is pretty much his fault, and the way investments work, not the manager. Sometimes you make money, sometimes you lose, but you don’t go after the broker.
unless his broker did something illegal, he has no business suing.
Only in the rich world can you run out of money and then sue someone to say they didnt protect you and invested badly so you want your money back. Dont people realize that investing isnt a guarantee?
I’m thinking his career isn’t too hot so he’s really reaching here.
Somehow he still earned a decent sum of money last year though.
Oprah claims she still signs her own checks so she knows where the money is going. If Dane Cook’s own brother ripped him off, what makes a star trust a business manager so completely?
he used to be so attractive..
can never trust no one with your money especially if you’re famous.