Why is actor Nicolas Cage suing his ex-manager?
Actor Nicolas Cage filed a $20 million lawsuit against his former business manager on Friday, accusing him of negligence and fraud that sent the “National Treasure” star “down a path toward financial ruin.” Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments “resulting in (the actor) suffering catastrophic losses.” In a lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com, Cage said he had now been forced to “sell major assets and investments at a significant loss” because of the actions of his business advisor and accountant over the past seven years. The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with banks. The former business manager, Samuel Levin, could not be reached for comment on Friday.
Nicolas Cage Sues Ex-Manager for “Financial Ruin” October 16, 2009 LOS ANGELES (Reuters) – Actor Nicolas Cage filed a $20 million lawsuit against his former business manager on Friday, accusing him of negligence and fraud that sent the “National Treasure” star “down a path toward financial ruin.” Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments “resulting in (the actor) suffering catastrophic losses.” In a lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com, Cage said he had now been forced to “sell major assets and investments at a significant loss” because of the actions of his business advisor and accountant over the past seven years. The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with ban
Actor Nicolas Cage filed a $20 million lawsuit against his former business manager on Friday, accusing him of negligence and fraud that sent the “National Treasure” star “down a path toward financial ruin.” Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments “resulting in (the actor) suffering catastrophic losses.” In a lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com, Cage said he had now been forced to “sell major assets and investments at a significant loss” because of the actions of his business advisor and accountant over the past seven years. The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with banks. Sources:
