Nicolas Cage has blamed an alleged “incompetent business manager” for a string of financial troubles, according to court papers obtained by Access Hollywood.
In the papers, filed on Los Angeles Superior Court on Friday, the box office star alleged that his former business manager, Samuel J. Levin, has been responsible for “sending Cage down a path toward financial ruin.”
Cage, who has put a number of properties on the market in recent months, alleged that he is “now 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.”
The actor claimed that Levin paid himself “millions of dollars” while putting Cage’s money into “risky” and “highly speculative” investments, also allegedly failing to “timely pay taxes.”
As previously reported by AccessHollywood.com, the IRS recently claimed Cage owes over $6 million in back taxes.
In Friday’s papers, he claims that Levin is responsible for more than $20 million in damages and that he and other parties are “guilty of malice, oppression and/or fraud and [Cage] is entitled to recover an award of exemplary and/or punitive damages.”
Levin could not be reached for comment when contacted by Access Hollywood on Friday.
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