Nick Cannon‘s ex-money manager managed his money, alright — treating Nick’s bank account like his personal piggy bank, and then disappearing with $2 million … according to the feds.
Sources with direct knowledge tell TMZ … Frank Musoke — a former account manager at a high-end Beverly Hills management and tax firm — is accused of spending several years siphoning cash from the “Wild ‘n Out” creator.
Federal prosecutors just hit Musoke with an 8-count indictment, claiming he leveraged his position managing the business and financial affairs of elite celebrities. While the indictment doesn’t mention Nick’s name, our sources confirm he’s the alleged victim.
The feds allege Musoke’s access gave him control of Nick’s debit cards and PINs, and he abused that access from December 2019 through June 2023 to withdraw roughly $1.7M from ATMs, spend more than $165K on Amazon purchases, blow nearly $192K on personal travel and rack up another $160K-plus in miscellaneous personal expenses.
In total, prosecutors say Musoke embezzled more than $2M from Cannon without his knowledge or permission. Cannon has reportedly been a client for nearly 20 years at the firm where Musoke worked.
It’s only identified as “Company A” in the indictment, but the firm allegedly fired Musoke in July 2023 after discovering the missing money.
But prosecutors say the scheme didn’t end there … Musoke is also accused of hiding more than $1.7M in allegedly stolen income on federal tax returns filed between 2021 and 2023 … leading to 3 tax evasion charges on top of 5 wire fraud counts.
Authorities believe Musoke has fled to Uganda, where he reportedly holds dual citizenship with the United States. If convicted, he faces up to 20 years in federal prison for each wire fraud charge, and up to 5 years for each tax evasion count.
We’ve reached out to Nick’s team … so far, no word back.
We also reached out to the FBI who declined to comment.
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