Federal prosecutors have accused a former money manager of stealing more than $2 million from Nick Cannon in a reported years-long fraud scheme.
Frank Musoke, a former account manager at a Beverly Hills financial management firm, was charged in an eight-count federal indictment that includes wire fraud and tax evasion allegations. Although Cannon is not named in court documents, sources confirmed to TMZ that he is the alleged victim in the case.
According to prosecutors, Musoke managed financial matters for celebrity clients and had access to Cannon’s debit cards and personal identification numbers. Authorities claim he used that access between late 2019 and mid-2023 to make unauthorized withdrawals and purchases.
The indictment alleges Musoke withdrew approximately $1.7 million from ATMs and spent more than $165,000 through Amazon transactions. Prosecutors also claim he charged nearly $192,000 in personal travel expenses and spent another $160,000 on miscellaneous purchases.
Officials say the alleged theft totaled more than $2 million.
Court filings state the firm where Musoke worked terminated him in July 2023 after discovering the alleged missing funds and prosecutors even claim that he failed to report more than $1.7 million in income on federal tax returns filed between 2021 and 2023.
Musoke now faces five wire fraud charges and three counts of tax evasion. Authorities believe he fled to Uganda, where he reportedly holds dual citizenship. If convicted, he could face decades in prison.