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Nicolas Cage Sues Business Manager For 'Financial Ruin'

ANTHONY McCARTNEY   10/16/09 08:18 PM ET   AP

Nicolas Cage

LOS ANGELES — Nicolas Cage sued his former business manager for $20 million on Friday, claiming bad advice and mismanagement led him toward financial ruin.

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.

Levin served as Cage's business manager from 2001 to 2008 and collected millions of dollars in management fees, court documents state.

Cage, 45, relied 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.

A phone message left for Levin at his firm Levin & Co. Management Inc. was not immediately returned.

Public records show Levin has been a licensed certified public accountant in California for nearly 25 years and has no public record of disciplinary actions.

An Oscar-winning actor, Cage is known for his dramatic roles in films such as "Leaving Las Vegas" and "Adaptation" as well as action turns in "The Rock" and the "National Treasure" films.

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Filed by Katherine Thomson  |