10/15/2009

in

Cage sues former business manager, claiming poor financial advice

Monica Stern-Morales

Nicolas Cage is sueing his former business manager, Samuel Levin for $20 million, claiming he received poor financial advice that had severe negative effects.  
  
Levin, who served as Cage's manager from 2001 to 2008, has been working in the industry for 25 years with no record of former issues. Cage, however, claims that Levin left him in the dark regarding financial troubles leaving new management to give him the bad news.  
  
"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," according to the lawsuit.