Nic Cage Not Being Sued for Fraud

12/26/2009 at 07:10 PM EST

Nic Cage Not Being Sued for Fraud
Nicolas Cage
John Spellman/Retna
Nic Cage isn't being sued for fraud and lawyers for a real estate company are going after him for much less than a previously reported $36.7 million, PEOPLE clarifies.

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."

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