Nickie needs some dough

I agree with the above.

It would be interesting to see how people on this board made their money (if indeed they have any) and also disclose the details of how they lost any or all of it. I am sure they would not mind being picked to pieces.


Russell

 

Don't ever fall into the trap of not seeing fraud just because someone has a higher net worth than you. Whan you pay people very good money to look out for your interest, because you are smart enough to know it's not you area of expertise, you expect a level of integrity and professionalism. The same as having your car serviced by a mechanic.

If your accountant, lawyer, investment advisor are robbing you, you would also sue them, regardless of the amount. There was plenty of litigation when folks found out their retirement funds were being invested in speculative .coms back in the late 1990s early 2000s.

 

Hey if you file a lawsuit and then issue press releases, people are going to talk.

 

Oh, well in that case lets trash the crap out of the guy.

 

Well, that's exactly why I tell my clients we will not go to the press with anything. Once you let it out into the public, there's no controlling what people will say about it. For every sympathetic victim/plaintiff, there's a group that hates or will mock that person.

 

Here's an article on his spending habits over the years:

http://www.popeater.com/2009/11/05/nicolas-cage-spending-habits/?icid=main|htmlws-main-n|dl2|link3|http%3A%2F%2Fwww.popeater.com%2F2009%2F11%2F05%2Fnicolas-cage-spending-habits%2F

 

Holy **** did he make a lot of money. Some of the non-blockbuster stars really surprise me. I guess it's quantity over quality.

 

a few years ago he bought my friends 275 through Symbolic.

 

What's the purpose of this thread?

Nick is a member here.

He seems to have been screwed by someone he trusted.

This is General Ferrari Discussion?

 

"Financial ruin" seems to be a bit of a stretch. Sounds like he just kept spending and his financial guy didn't put the brakes on him. Is that the financial guy's fault? Dunno, but probably more to the story. Welcome to Amerika these days, where a lot of people have had to seriously adjust their spending and sell or lose what they've overbought.

 

You should be involved in your finances no matter how much you make. You've gotta do more than agree over the phone to the 5 or 6 million your agent negotiates for you as your driving back (in your Ferrari) from the posh eatery after the big power meeting.

I saw a show about Wayne Newton (of all people) and he'd been ripped off by his buisness people too and said he'd decided to recieve all pay himself as well as write all checks himself.

You could start by keeping it simple. Get a check from Universal Studios (or whoever) and deposit it in your own account (set up as a Corporation). Get a lawyer to set up the Corp for you and have it checked by the CPA to see that it's set up to protect your assets and have the proper tax advantages.

From this acct you'd pay your publicist and agent their 5 or 10% and your assistant his/her 5 dollars an hour. If you weren't adept at accounting you could still take all your earnings and payments to a CPA at the end of the year or quarterly. Any overpayment to the govt in taxes would be a hell of alot cheeper than the price of a bad business manager who puts you in risky investments and doesn't send the tax payments in.

This crooked business manager thing has been going on with famous actors for as long as i can remember. It ain't that hard. I'm sure most actors are indoctrinated into this mentality that they need a business manager or perhaps it's a status thing to have one, i dunno. So many reuinion tours and great actors in bad movies come from desperation as victimized show folk look to alleviate a bad finacial situation by a quick buck sellout instead of just learning how to handle money in even the simplest of ways.

You could still be 90% "hands off" and keep all your money by just being involved and understanding where all your money is, where it's invested, who's getting paid and how much.

 

i totally agree on this....isn't he francis ford copolla's nephew? that'll probably answer your question if it's true!

 

He was great in Raising Arizona and leaving Las Vegas. My Nephews think he's cool from the National Treasure movie. Ex wife had this odd obsession with him in the movie Valley Girl. Some actors seem to phone it in but he puts alot of energy into his roles.

Matchstick men was an awesome movie he (Cage) and the other guy who scammed him (can't think of his name) were both terrific in it.

 

Climb, I guess all the multimillionaires, hedge funds and charities who invested with Bernie Madoff should have done their own investing. It's so easy to be a Monday Morning QB. When you are cheated, you are cheated. I'm sure it is an awful feeling. Hope you never have to go through it and anyone else on this site. But the reality is scams are not so easy to detect, as the jails will substantiate.

 

I'm not glad he was ripped off..i'm saying it can be prevented in the future.

 

THANK YOU

And to the others who stated such.

We need to revel in a rich guys misfortune?

We're higher class than that, folks.

 

Judging from the posts in this thread, you appear to be wrong. Kinda sad isn't it?