Cage sues ex-manager over 'catastrophic losses'

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Cage sues ex-manager over 'catastrophic losses'

By Darla Mercado

November 15, 2009 6:01 am ET

Oscar-winning actor Nicolas Cage lost some of his “National Treasure” in speculative investments, leading him to sue his ex-business manager for $20 million, according to published reports.

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Last month, he filed suit against Samuel J. Levin, a certified public accountant at Levin & Co. Management Inc., alleging that the adviser put him into “numerous highly speculative and risky real estate investments,” resulting in “catastrophic losses,” according to the complaint.

Mr. Levin had been Mr. Cage's business manager from 2001 to 2008. The suit alleges that Mr. Cage had relied on Mr. Levin's advice, and wasn't aware of his financial woes until he switched management, according to the Associated Press.

The case, which was filed in California Superior Court in Los Angeles, is slated for a hearing in Beverly Hills on Feb. 3.

In August, Mr. Cage was hit with an unpaid tax bill by the Internal Revenue Service. He owed some $6.2 million going back to 2007, according to published reports.