Cage Accuses Business Manager of Financial Ruin: Report

Cage suing the "incompetent" manager for $20M

By Edward J. Carr
|  Friday, Oct 16, 2009  |  Updated 6:00 PM EDT
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Cage Accuses Business Manager of Financial Ruin: Report

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Nicolas Cage is suing his former business manager for more than $20M due to "incompetence," saying he put Cage on a road to "financial ruin."

As previously reported, Nicolas Cage owes more than $6 million to the IRS. The question on everyone's mind, however, was, "How?" How could the Academy Award-winning actor neglect to fork over such a large figure to the government?

It wasn't until recently that we found out Cage blames all his financial woes on his former business manager, Samuel J. Levin.

Cage is suing Levin for a minimum of $20 million to recoup damages incurred by Levin's "gross negligence, mismanagement and professional negligence," TMZ.com reports.

Specifically, Levin is accused of "over-extending [Cage's] line of credit with banks and financial institutions," using Cage's money to invest in risky real estate ventures and not telling Cage about how dire his financial situation actually was. In a court document, Cage's lawyers blast Levin, calling him "incompetent" while "grossly" overcharging Cage for his services.

Cage hired Levin as his business manager in 2001. He was fired earlier this year.

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