Nick Cannon’s former money manager allegedly stole more than $2 million through unauthorized debit card withdrawals, Amazon purchases and personal travel expenses.
Nick Cannon just discovered that his money manager has been treating his bank account like a personal ATM for nearly four years.
Federal prosecutors have charged Frank Musoke, 38, with five counts of wire fraud and three counts of tax evasion after he allegedly embezzled more than $2 million from the “Wild ‘n Out” creator’s account without permission.
Musoke worked as an account manager at a high-end business management and tax firm in Beverly Hills that handled the finances of elite clients in the entertainment industry.
He had full access to Nick’s debit card, PIN and financial accounts, allowing him to commit the theft.
Prosecutors allege that from December 2019 to June 2023, Musoke went on a spending spree using Nick’s card, withdrawing approximately $1.7 million from ATMs, spending $165,270 on Amazon purchases, spending nearly $192,000 on personal travel and on miscellaneous expenses, and more
When all this happened, Nick had been a client of the company for nearly twenty years. The company discovered the missing funds and fired Musoke in July 2023, but by then the damage had been done.
Musoke didn’t stop there, according to federal prosecutors. Between May 2021 and May 2023, he filed false federal income tax returns and failed to report approximately $1.7 million in stolen income, leading to additional tax evasion charges.
The federal government believes Musoke fled to Uganda, where he holds dual U.S. citizenship.
If convicted on all counts, he faces up to 20 years in federal prison on each count of wire fraud and up to five years in prison on each count of tax evasion.
Nick’s team has yet to comment on the incident.
