10/15/2009

in

Accountant lost Cage millions with risky investments.

Lindsey Weedston

Actor Nicolas Cage is suing his former business manager Samuel Levin for negligence and fraud that resulted in "catastrophic losses."According to [ABC News](http://abcnews.go.com/Entertainment/wireStory?id=8848045), Cage claims that his reputation has been "irreparably tarnished" by Levin's irresponsible use of his money, which forced him to sell major assets for considerably less than they were worth. He says that his money was put into risk and highly speculative investments that sent him "on a path toward financial ruin."The lawsuit states that Levin received millions of dollars in fees from Cage during the time he worked for the actor between 2001 and 2008. [The Associated Press](http://www.google.com/hostednews/ap/article/ALeqM5jSwIJQG5nVWXWTp8r2gu9KPDsv-gD9BCFTF02) reports that Levin has not received any disciplinary action during his 25 years as a certified public accountant.Cage also accuses Levin of failing to pay taxes in a timely manner. [Access Hollywood](http://www.accesshollywood.com/nicolas-cage-blames-former-business-manager-for-financial-ruin_article_24321) writes that Cage already owes $6 million in back taxes, and the actor has said that he is "faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness."The lawsuit was filed in the Los Angeles Superior Court on Friday. Levin has yet to comment on the allegations.