12/26/2009 at 08:00 PM EST
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."