Nicolas Cage Blames 'Financial Ruin' on Former Manager

By PopEater Staff Posted Oct 17th 2009 09:48AM

'Leaving Las Vegas' star Nicolas Cage is apparently in dire straits. The actor has filed a $20 million lawsuit against his former business manager, alleging that bad advice and mismanagement led him toward financial ruin. Cage brought the suit against Samuel J. Levin and his firm, according to the Associated Press.

Levin was Cage's business manager from 2001 to 2008, and Cage claims he was unaware of the damaged state of his finances until he hired new management.

"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," the lawsuit states.

Levin, a licensed certified public accountant, has practiced in California for nearly 25 years and has no public record of disciplinary actions.

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Nicolas Cage Photos

Nicolas Cage on location for 'The Sorcerer's Apprentice' on the streets of Manhattan in New York City. Check out more on-set photos >>>

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Nicolas Cage Photos

Nicolas Cage on location for "The Sorcerer's Apprentice" on streets of Manhattan on April 16, 2009 in New York City, New York. Nicolas Cage On Location For "The Sorcerer's Apprentice" - April 16, 200 Streets of Manhattan New York, NY United States April 16, 2009 Photo by Bobby Bank/WireImage.com To license this image (57200524), contact WireImage.com

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Atmosphere in Chinatown on location for "The Sorcerer's Apprentice" on streets of Manhattan on April 16, 2009 in New York City, New York. Nicolas Cage On Location For "The Sorcerer's Apprentice" - April 16, 200 Streets of Manhattan New York, NY United States April 16, 2009 Photo by Bobby Bank/WireImage.com To license this image (57200564), contact WireImage.com

Bobby Bank/WireImage.com

Nicolas Cage on location for "The Sorcerer's Apprentice" on the streets of Manhattan on April 13, 2009 in New York City. Nicolas Cage On Location For "The Sorcerer's Apprentice" - April 13, 2009 Streets of Manhattan New York, NY United States April 13, 2009 Photo by Bobby Bank/WireImage.com To license this image (57182950), contact WireImage.com

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NEW YORK - MARCH 27: (ITALY OUT, NY DAILY NEWS OUT, NY NEWSDAY OUT) Nicolas Cage seen on the streets of Manhattan on March 27, 2009 in New York City. (Photo by Arnaldo Magnani/Getty Images) *** Local Caption *** Nicolas Cage

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Nicolas Cage, right, and Rose Byrne star in "Knowing." (Vince Valitutti/Summit Entertainment/MCT)

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Nicolas Cage visits "Late Show with David Letterman" at the Ed Sullivan Theater on March 16, 2009 in New York City. Nicolas Cage and Rachel Maddow Visit "Late Show With David Letterman" - March 16, 2009 Ed Sullivan Theater New York, NY United States March 16, 2009 Photo by Soul Brother/FilmMagic.com To license this image (56987517), contact FilmMagic.com

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Tags: Nicolas Cage, NicolasCage

Comments

(70)

Saturday 17 October

By cessnatx

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We love Cage...but in thinking this over....Yes he was too heavily invested into the Market...but so were alot of other people...Alot of people who can't go do a movie and make $$$$30 MILLION Bucks in one pop and recover...Let's not be greedy...Yes maybe the investor he trusted over invested him in borderline ventures..but Cage did give him the authority to do that now....Still sorry for Cage...couldn't be a nicer guy..As far as I know...But let's put things in perspective Cage

By ME

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hey, just because Cage can make more doesn't mean it's okay for the BERNIE MADOFF types to mismanage his money

Sunday 18 October

By vcrozas

High Rank Vote down Vote up Report this

AWWWWW Come on NICKIE you were greedy you know if your money is in risky or safe investments....risky ones get more $$ faster and can lose on the same not....you made a poor choice and are not being responsible for your choices. A normal person could live on what you have left I am certain....Don't be such a greedy gut.

By Ddfine

I agree. Cage gave him the authority to handle his financial affairs. He should have had the sense to make sure he was doing so wisely. Cage has no one to blame but himself.

By Tom

Agree. But I'll go a different route. Why on earth was Cage, (or anyone for that matter) so disengaged from knowing where is wealth was invested. Claims he 'didn't know' what products his millions were sitting in?? ANY licensed financial advisor is required to hold at least yearly (mine are quarterly) verbal updates of portfolio placements. Sounds to me like Cage just took some bad recommends from yet one more of the thousands of poor judgemented financial advisors out there. AND THERE ARE APLENTY. Welcome to the real world Nick. Very few good ones out there these days. Better to just do it yourself. Honestly.

By carmen

Anyone who would turn over complete control of their money to someone else and never bother to at least keep an eye on what is going on from time to time is an idiot. I don't care if you have a trillion dollors, take the time to check on your money from time to time. Otherwise I have no sympathy for you.You deserve what you get it you can't be bothered to keep an eye on your own future.

By joe poe

Exactly!

By brooks

goes to show you

By loreli46

Funny how this story comes out when he's filming another movie (last few have been less than great). It's all a ploy to get people to go to his movies. Even if it's not a ploy, I'm sorry, but I have no sympathy. Work harder on selling your castle Nicky. Better yet, put your 48 million dollar jet on the market. That should pay a couple of bills....

By Goose

Depends what your definition of "Financial Ruin" is. I know people who struggle to eat every day and are lucky to put clothes that are not worn out on their children. If he has these problems then he is in "Financial Ruin", if not then he is just upset over bad decisions.

By Sarah

What has ruined Cage is bad plastic surgery and losing his hair - he hasn't aged very well!

By Susan

That's very funny, Sarah! lol

By kluj

I luv it. When they lose they look to the courts for help but when they win they just spend it on stupid stuff and offer nothing to anyone. F#ck him and his lost money! NEXT!

By don

Low Ranked Vote down Vote up Report this

your language say'a lot about yourself and there R better way's 2 express yourself so have a nice day and grow-up

By Michele

Nick, Nick -perhaps the problem is the fact that you can't act your way out of a paper bag. Self-responsibility, buddy.

By SandraRenata1

I LOVE Nick! But.... Come on, everyone knows not to completely trust others with their money. I don't have millions but I watch what my managers are doing with it by just clicking on the internet.
All I can say is, take the hit like a man Nick and learn from your mistakes. Go make another movie because you bet your sweet a$$ I'll be there to see it.

By donna

HATERS!!!!

By Randy

Nicholas Cage does not come across as a crazed spender. We hear soooooooooooo many stories from Madoff on down where trust accrued with a talented,rich person,or couples were raped and pilaged by a trusted financial thief. The thief steals and spends while the artist,businessman or women gets fleeced. Cage is NOT a known partier. The Paparrazi have vetted him on that matter. All those vital years of Cage's money earning prime may have been stolen. Pay the Piper dude!!!. Sue City!!!!!.Parastic slime!!!

By Diane

The moral of the story is this. Don't give your money to someone else to manage. Do some homework and manage your own money.

Try not to judge people without knowledge. People eating their peanut butter and jelly sandwhiches are no less a person than Nick Cage but without knowing ALL the facts you are merely writing your own story absent everything and anything. We went from the term politically correct to ''all knowing'' losers who toss out ka ka based on no facts. What have you done to earn that type of scratch. TALENT= HIGH EARNINGS!!!!. Cage got burned no less then people get screwed during divorces.

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