Nicolas Cage is suing his former business manager for $20 million.
US actor Nicolas Cage Legal papers state Levin "over-extended Cage's line of credit with banks and financial institutions" and hid his "true financial condition prior to investments and assets being acquired by Cage". EPA/WARREN TODA
The 45-year-old actor - who owes over $6 million in unpaid tax and has been forced to put several of his properties on the market - filed a lawsuit in Los Angeles on Friday (16.10.09), claiming Samuel Levin caused him huge financial losses by making bad investments.
The document states that over seven years Levin "placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses".
Cage - who is being sued over a $2 million credit deal - has also alleged Levin did not pay some taxes.
The 'Face Off' actor also claims Levin did not warn him that he was over-spending.
Legal papers state Levin "over-extended Cage's line of credit with banks and financial institutions" and hid his "true financial condition prior to investments and assets being acquired by Cage".
It is also suggested Levin over-charged Cage for his services.
Cage says he has had to sell items "at a significant loss" because of his financial problems.
Forbes.com has reported Cage earned $40 million last year. He claims he was unaware of his financial difficulties until he got a new business manager in 2008.
Levin has not commented on the claims.
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