(CN) – Nicolas Cage claims his “incompetent business manager, Samuel J. Levin … lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.” Cage claims in Santa Monica Superior Court that Levin paid himself “millions of dollars” since 2001, while inflicting “catastrophic losses” on Cage from “highly speculative and risky real estate investments.”
Cage says that now, after earning millions of dollars in more than 50 movies over two decades, he is “forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness.” He claims that Levin also failed to pay his taxes, “resulting in million of dollars in back taxes, interest and penalties owed by Cage.”
The actor says he did not find out about the financial disaster until “only recently, when Cage terminated Levin and retained new business management and accountant services.” Cage says he hired Levin as his business manager in September 2001.
He seeks an accounting and $20 million in punitive damages for fraud, concealment, breach of contract, and negligent misrepresentation. Cage is represented by Martin Singer with Lavely & Singer.