Close
BRAND NEW ON E!
  • News/ 

    Nicolas Cage Is Not Responsible for His Financial Irresponsibility

    Nicolas Cage Eric Charbonneau/Getty Images

    When it comes to taking the blame for his recent headline-grabbing decline into financial ruin, Nicolas Cage is passing the buck. Which, on the bright side, means that he at least has one buck left to pass.

    The Oscar-owning actor has filed suit against his former business manager, asking for a whopping $20 million in damages for years' worth of unsound investment decisions that Cage says sent him "down a path toward financial ruin."

    Read the lawsuit.

    Cage, who took home an estimated $40 million in the last year alone, claims in a lawsuit filed in Los Angeles County Court that former money man Samuel Levin made one bank account-draining decision after another for a period of seven years, the extent of which only recently became clear to Cage.

    Not to mention to anyone with an Internet connection.

    For his misdeeds, of which there were apparently many, Cage is suing Levin for professional negligence, breach of contract, constructive fraud, concealment and breach of fiduciary duty.

    "Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses," the lawsuit states, adding that Levin's decisions effectively "lined his pockets with several million dollars" while leaving Cage in ruins.

    It was Levin, the suit continued, who failed to file the actor's taxes in a timely manner and who also failed to keep Cage abreast of his disastrous financial situation, routinely "overextending [Cage's] line of credit with banks and financial institutions."

    To add insult to credit report injury, in addition to "actively concealing" his financial state, the suit says Levin "grossly" overcharged the actor for his less than beneficial services.

    —Additional reporting by Claudia Rosenbaum

    ________

    It may not seem it, but things could be worse for Nicolas Cage. He could be Jon Gosselin (bet he regrets those "The Lying Channel" comments now!).

    FROM AROUND THE WEB
    MORE ON EONLINE