Kevin, a few thoughts:
1) if the guy were in prison, he'd be getting housed and fed at your
expense, but until he's convicted and sent there (if that happens) he
needs to make a living. Preferably an honest living. So he pretty much
has to work somewhere.
2) you said he's quite outspoken about the situation. So his employers
probably already know. So you don't need to inform them of something
they already know.
3) sounds like the job he's doing doesn't have so much to do with what
he's accused of. If he were accused of something involving stealing
other people's merchandise, or fencing photo equipment, then making sure
his employer knows about the allegations would be a lot more relevant.
3a) since the job area and the allegations aren't closely related, the
employers probably doesn't have any reason for not employing him, even
if they know about the investigation and even if they don't like the
idea very much.