Nicolas Cage Sues Business Mismanagement For Financial Ruin

Nicolas Cage is not in denial about being broke. The actor is having a real estate liquidation sale and selling properties he owns across the world. In addition, Nicolas Cage is suing a business manager that allegedly sent him “down a path toward financial ruin” for a minimum of $20 million. Americans, Nicolas Cage is broke. Even though Nicolas Cage made millions during his career, he is now broke and bankrupt. So just how is it that one actor who has made millions during.

The business manager that Nicolas Cage is suing is Samuel J. Levin and his firm Levin & Co. Management, Inc. Nicolas Cage claims that Levin gave him bad advice and mismanaged his funds. Levin was Cage’s business manager from 2001 to 2008, and has collected millions of dollars in management fees from the former wealthy actor. Cage put his trust in Levin, and claims he didn’t know what kind of trouble he was in until he hired new management.

Nicolas Cage may have fallen on hard financial times, sure, but even the celebrity gossip media may have underestimated how bad his money problems are. The guy taking the blame for leaving Nicolas Cage broke claims by the time he was hired in 2001, “Coppola had already squandered tens of millions.” Moreover, he owed millions in taxes “with no funds available to pay them.”

Nicolas Cage was bilked out of millions by his business manager, and he has a lawsuit to prove it. As a result of his manager, Samuel J. Levin, and his actions, Nicolas Cage ended up owing the government $6 million in back taxes. This amount is the result of a combination of federal income taxes and property taxes.

“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.