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 Nicolas Cage: Sues former business manager
Hollywood actor Nicolas Cage sued his former business manager - Samuel J Levin, on Friday claiming that mismanagement and improper advice led him down a path to financial ruin.
In the lawsuit filed in the Los Angeles Superior Court, the National Treasure star alleged that J. Levin was guilty of 'malice , oppression and fraud,'which has caused him over $20 million in damages.
The lawsuit states: "Instead of protecting and preserving Cage's wealth during one of the greatest economic periods in the country's history, Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses."
Allegedly, Levin collected millions of dollars in management fees and court documents state during his service as Cage's business manager from 2001 to 2008. He also allegedly failed to 'timely pay taxes, sending Cage down a path toward financial ruin.'
The lawsuit also states that the 45-year-old actor relied on Levin's statements and advice and couldn't have known about the financial trouble he was facing until he hired new management.
according to public records, Levin has been a licensed certified public accountant in California for nearly twenty five years and has no public record of disciplinary actions.
Cage, an Oscar-winning actor, is known for his roles in films such as "Leaving Las Vegas" and "Adaptation" as well as action turns in "The Rock" and the "National Treasure" films.
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News / Gossips by paulclark
