Think you’ve got it bad in this economy? Actor Nicholas Cage has lost an estimated $20 million over the past several years. Rather than chalking it up to a bad economy or blaming himself, however, Cage is saying that the losses are the fault of his financial advisor and is suing for damages. It seems unlikely that Cage will win in any legal action unless it can be determined that his advisor, Samuel J. Levin, did something illegal or took a larger fee for his services than what was agreed to.chocolate
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Cage’s lawsuit, which was filed on October 16 in Los Angeles, claims that Levin "lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin." Cage hired Levin to oversee investments for him in 2001. Now, he owes over $6.3 million in back taxes and is on the brink of financial ruin. Cage claims that he learned of the financial problems very recently. Further research, however, has indicated that Cage has been selling off possessions for most of 2009. In April, he sold a Bavarian castle, which really begs the question – how sorry can you feel for a guy who has to sell his CASTLE when he gets into financial trouble?chocolate
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Cage is also selling other homes in California, Las Vegas and New Orleans. Also in the lawsuit, Cage claims that he "relied on Levin to handle his financial affairs to ensure that he and his family would have a financially secure future built on the foundation of the substantial monies Cage earned through years of hard work." I’m not entirely sure what hard work Cage has done, as I’ve seen no evidence of said work, but to best of my knowledge he has been acting for some time and is often paid very well to do so.chocolate