December 28, 2009 04:53:16 GMT
Instead of being accused for fraud by Red Curb Investments, his lawyer clarifies that Cage is being sued for $3 million in loans.
An investment company is not suing Nicolas Cage for fraud and a reported $36.7 million, People magazine has clarified. Christmas reports suggested the movie star was facing another huge financial battle with Red Curb Investments, but it appears the initial details were greatly exaggerated.
The private lender is actually suing the actor for failure to pay back almost $3 million in loans from 2007. Red Curb is additionally suing Cage's former accountant, Samuel Levin, for $3 million claiming he defrauded the company by neglecting to disclose the Oscar winner's financial status.
Cage faces huge financial problems after he was slapped with a tax lien in October after reportedly failing to pay income tax on earnings dating back to 2007. He is also facing other claims of unpaid tax relating to earnings from 2002 to 2004.