Nicolas Cage blames financial advisor for $6.3M tax debt

Posted by Ann Margaret Lee / TNC on Nov 1st, 2009 and filed under Bookmarked, Entertainment. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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Nicolas Cage blames financial advisor for $6.3M tax debt
 

Hollywood film star Nicolas Cage recently found himself in the middle of a humongous financial dilemma – and now, he’s suing his financial advisor for leading him to it, according to a report by People.com.

Cage received a tax lien on his real estate holdings from the U.S. Government earlier this month because of an approximate $6 million backlog on Cage’s tax payments, according to reports. Taxes due Cage have been dated to lead as far back as 2007. Additionally, the I.R.S. has also issued a separate lien for backlogged taxes worth an approximate $350,000 within the period of 2002 to 2004. And if that wasn’t enough, East West Bank has also filed a breach-of-contract complaint, due to Cage’s “inability” to pay off a $2 million loan that has been extended this past August.

Cage, in retaliation, has sued Samuel J. Levin, his longtime advisor, for allowing him to end up in such a financially ruined state.

The August 16 lawsuit states that Levin “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin”.

Currently, Cage has a number of real estate and miscellaneous properties up for sale and or auction, including residences located in New Orleans, California and Las Vegas.

Cage is expected to garner an approximate $20 million in losses because of the whole affair.

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