Nick Cannon is at the center of a major financial crime investigation after federal prosecutors accused his former accountant of stealing more than $2 million while managing the entertainer’s personal finances.
According to an indictment obtained by multiple outlets, Frank Musoke, a former account manager at a Beverly Hills business management company, has been charged with wire fraud and tax evasion tied to an alleged yearslong embezzlement scheme involving the television host and producer.
Prosecutors claim Musoke used his access to Cannon’s financial accounts to secretly withdraw funds and make personal purchases without authorization between December 2019 and June 2023.
The case has quickly attracted widespread attention because of Cannon’s longtime status as one of Hollywood’s busiest entertainers. The actor, comedian and creator of the hit improv series Wild ’N Out has reportedly worked with the management company for nearly 20 years.
Prosecutors allege millions were secretly withdrawn
Federal authorities allege Musoke gained access to Cannon’s debit cards and personal identification numbers while overseeing the entertainer’s financial matters. Investigators say that access allowed him to move large sums of money for personal use over several years without Cannon’s knowledge.
The indictment outlines several categories of spending that prosecutors believe were unauthorized.
About $1.7 million was allegedly withdrawn through ATM transactions.
More than $165,000 was reportedly spent on Amazon purchases.
Nearly $192,000 allegedly went toward personal travel expenses.
More than $160,000 was used for other personal purchases and expenses.
Authorities claim the transactions were disguised in a way that prevented Cannon from immediately discovering the missing money.
The alleged theft reportedly came to light in 2023 after irregularities were discovered within the company’s financial records. Musoke’s employment was later terminated in July of that year.
Tax evasion charges add to legal trouble
In addition to the fraud allegations, prosecutors say Musoke failed to report more than $1.7 million in allegedly stolen income on federal tax returns filed from 2021 through 2023.
As a result, he now faces three counts of tax evasion alongside five counts of wire fraud.
If convicted, Musoke could face significant prison time. Each wire fraud charge carries a possible sentence of up to 20 years in federal prison, while each tax evasion count could add up to five more years behind bars.
Federal investigators have not publicly stated whether any of the allegedly stolen money has been recovered.
Authorities believe suspect may be outside the U.S.
The case has become more complicated because investigators believe Musoke may no longer be in the United States.
According to reports tied to the indictment, authorities suspect he fled to Uganda, where he reportedly holds dual citizenship. That development could create challenges for prosecutors if extradition proceedings become necessary.
Officials have not confirmed whether Musoke has retained legal representation or entered a plea related to the charges.
The Beverly Hills firm identified in court documents only as Company A has not publicly commented in detail on the allegations. Prosecutors noted in the indictment that the company dismissed Musoke after discovering the alleged missing funds.
Nick Cannon faces another high profile challenge
While Cannon has not publicly spoken extensively about the indictment, the situation has raised broader questions about financial oversight for celebrities and other high-net-worth clients.
Entertainment figures often rely heavily on accountants, managers and financial advisors to oversee business operations, investments and day to day expenses. Experts say that level of trust can sometimes create opportunities for fraud when oversight systems are weak or inconsistently monitored.
Cannon’s experience also highlights how financial crimes can continue undetected for years, particularly when one person has broad access to sensitive banking information and private accounts.
The television personality has built a career spanning music, comedy, acting and hosting. Alongside Wild ’N Out, Cannon has remained visible through projects including The Masked Singer and multiple radio and television appearances.
Investigation remains ongoing
Federal prosecutors have not indicated whether additional charges or defendants could emerge as the investigation continues.
The case serves as another reminder of the financial risks public figures face behind the scenes, even when working with trusted professionals. Authorities are expected to continue tracing the alleged transactions and determining whether additional assets can be recovered.
For now, the legal focus remains on locating Musoke and moving the criminal case forward.
As investigators continue examining the alleged scheme, the situation marks a costly and deeply personal setback for Cannon, whose finances prosecutors say were exploited over several years without his knowledge.
