Nic Cage Not Being Sued for Fraud
12/26/2009 AT 07:10 PM EST
Cage, who says he's facing financial ruin after allegedly being duped by his former accountant, is being sued by Red Curb Investments for failure to pay back approximately $3 million in loans.
Red Curb, a small private lender, is also seeking more than $3 million each from his former accountant and a mortgage broker, accusing them of defrauding the real estate company by not disclosing Cage's true financial picture, including his enormous tax debt.
Marty Singer, Cage's lawyer, tells PEOPLE: "Any claims that Nic Cage engaged in fraud or wrongful conduct is absurd and ridiculous."