Nicolas Cage broke? Yes, this is all over the headlines, the star who according to Forbes has earned more than $40 million between June 2008 and June 2009 is going bankrupt. How could he havelost all those money he has earned? Simple, he trusted someone to manage his investments, naturally he wakes up one day and find himself broke. It is said that the IRS is ready to pounce on him, he is now selling his homes and his debt to IRS is more than $6 million.
Earlier Cage filed a $20 million lawsuit against hi financial manager Samuel Levin for sending him "down a path toward financial ruin." Apparently Levin stuffed his own pocket with Cage's money. Here is some report from PopCrunch:
In Nicolas’ Cage’s lawsuit, it’s alleged that longtime business manager Samuel J. Levin, “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”It is not really easy to believe that Nicholas Cage is broke, it was not a long time ago when Forbes has included him in their top 100 celebrities, it means that he's one of the richest ones. But things happen and it happens to everyone. It happened to Nicholas Cage. Nicholas Cage broke as broke can be! I hope he recovers from this. He can, he's a good actor and he can get many projects in the future.
Nicolas Cage hired Levin in 2001 to oversee his investments and finances – looks like he didn’t do such a great job if Cage is now as broke as the rumors would have you believe.
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This just shows you that even the richest people can make the wrong choices. I'm pretty sure he will recover from this. Hopefully he picks a better manager in the future and does an extensive back ground check before hiring another.