Nicholas cage files lawsuit against business manager Samuel Levin
October 19th, 2009 - 6:18 pm ICT by Aishwarya Bhatt
London, Oct 19 (THAINDIAN NEWS) Oscar winning actor Nicholas Cage is staring at the brink of a financial disaster and he claims that it is not his fault at all. The 45-year-old actor of acclaimed movies like ‘Leaving Las Vegas’ is demanding more than $20 million damages, claiming he suffered catastrophic losses because of Samuel Levin’s dud investment decisions, reported thesun.co.uk.
Nicholas Cage filed the lawsuit against Samuel J. Levin and his firm.
“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.
Samuel J. Levin served as Nicholas Cage’s business manager for the period 2001 to 2008 and collected millions of dollars in management fees, court documents state.
Nicholas Cage, 45, relied completely on Levin’s statements and advice and couldn’t have known about the financial trouble he was facing until after he hired new management, according to the lawsuit.
Cage also claims that Levin did not pay taxes on several properties, leaving him with over $6 million in IRS liens. He has recently sold a number of homes, including a German castle, four houses in the United States, and two English manors.
However, Nicholas Cage’s side of the story does not convince all, as they say that Cage has always been known for his extravagant and flamboyant lifestyle, and the business manager is not entirely at fault.
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