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

Bobby Bank/WireImage.com

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

Bobby Bank/WireImage.com

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)

MCT

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)

Monday 19 October

By susan

Vote down Vote up Report this

You can't be like the ostrich that sticks it's head in the sand. Your back pocket is still a target.

Oprah always signs her own checks.

He should have watched suzie orman on oprah.

I like a lot of his movies. He will have to make some more good ones. What else is there to do!

Sunday 18 October

By Gail E. Cooper

No wonder some of you posters are doing so badly. Too many of you people hate on people just to be hating! I'm an accountant and I can sympathize with Mr. Cage's situation. It's so easy for someone who is not financially savvy to be taken to the cleaners; however, things beyond people's control do happen and it's best to allow the courts to determine what actually transpired. At this point, we're only hearing just one side of this story. Mr. Cage seems to be well liked in Hollywood and he has a "solid" fan base. He'll bounce back but it may take much longer than he expects.

By Craig

Welcome to our world......don't feel bad here.

By bobby

what about his oversea's account is that ok?

By dang1067

Come-on!!! Kevin, what planet are you from???? Financial Manager's jobs are supposed to put their clients in RUINS!!!! And STEALS your wealth!!! HELLLLOOOOOO!!!!! Anybody out there???? CUCK-COOOO!!!!! CUCK-COOOO!!! CUCK-COOOO!!!

By Terry

You mean I could have sued my "friends" for advising me to marry my ex!! Where were you 30 years ago!

By Caring Kate

There is something unhealthy looking about Nicolas Cage. I hope he's not addicted to something, because he's a truly talented actor. None of this ads up. I just hope that Nicolas gets the help he looks like he truly needs.

By Roman Haas

Mr. Levin is not a CPA he is a chemist...He turned all of Mr. Gages wealth into crap

Friday 30 October

By badbidnessmngr

Unfortunately, many artists, actors, writers, musicians, etc. (even doctors) are notoriously ignorant about how finances and business works. That left brain/right brain thing at work. I hate it for him, but he can recoup. But I don't begrudge him or anyone with money, as long as they did not cheat anyone to get it. Why are people (here) so envious and mean? What terrible thing happened to you all that you can so easily poke the stick into someone's wound and laugh about it? Seriously, WTF is up with people who think like that? There are meds for that now, ya know.

Sunday 08 November

By joe smith

I can't even pay my rent this month and had to get a loan to keep my heat on cause i loss my P/T job due to cut backs. Now I have to quit college after this term. Am I supose to feel sorry for him? i do but it was his bad judgement that did this to him. I will pray for him that he get's some help through his time of trouble. I wish I had half of of his problems.

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