The financial crisis created plenty of acrimony between financial advisers and their clients, but perhaps none more than actor Nicolas Cage and his business manager, Samuel Levin.
Courthouse News: 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.”
Sounds a little like Wall Street, circa 2006, but Cage isn’t laughing.
According to the below suit, the star has been “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.”
Cage also claims Levin failed to pay taxes when they were due. The IRS has filed liens against the actor for more than $6 million in back taxes, according to TMZ.
Here’s the suit, via TMZ.
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