Actor Nicolas Cage, the Oscar-winning star of films such as Leaving Las Vegas, Adaptation and the National Treasure movies, has filed a $20-million US lawsuit against former business manager Samuel Levin, accusing him of negligence and fraud.Nicolas Cage says his former business manager failed to inform him of his financial troubles. (Lee Jin-man/Associated Press)

"Instead of protecting and preserving Cage's wealth during one of the greatest economic periods in the country's history, Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses," says the lawsuit filed Friday in Los Angeles.

Levin — a licensed certified public accountant in California for 25 years — was Cage's business manager from 2001 to 2008 and collected millions of dollars in management fees, according to the court documents.

The documents indicate the 45-year-old performer did not know about his financial troubles until he hired a new business manager.

The filing also reveals Cage has had to "sell major assets and investments at a significant loss."

This isn't the first time Cage has hit money troubles. U.S. authorities recently slapped him with a claim for $6.6 million dollars in back income taxes, interest and penalties.

With files from The Associated Press