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Music industry accounting firm says four to five artists could be affected by alleged misuse of client funds.
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White Sky partner stood down over alleged $1.5m discrepancies
26 October 2022
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One of Australia’s largest niche accounting firms, White Sky, has stood down partner Damien Luscombe (pictured) over the alleged misappropriation of $1.5 million in client funds.
Discrepancies emerged following an internal investigation, sources close to the firm were reported to say, that several high-profile clients in the music industry were potentially affected.
Victoria Police are now investigating with the assistance of its financial crime squad.
“Everyone here at White Sky is in absolute shock with the actions of one individual that were recently uncovered,” a spokesperson said.
“We have an incredible team here and we are all united in continuing to support our clients.”
“We would like to assure our clients that we are committed to working through this with their interests at heart.”
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Mr Luscombe’s profile has since been removed from White Sky’s ‘Our Team’ page.
Victoria Police said it was working with the firm on further enquiries.
“Investigators from the financial crime squad have made contact with the organisation to assist with enquiries and are awaiting further information to make an assessment on whether an investigation will proceed,” it said.
Online publication, the Music Network, reported it had obtained an email sent by White Sky to unaffected clients in which it confirmed that “four to five artists” had been compromised.
Mr Luscombe recently gave evidence in support of Guy Sebastian in the trial against his former manager, Titus Day, who was found guilty by a jury and convicted of 34 charges including embezzlement of more than $620,000 in June.
Mr Day told the Herald Sun that his lawyers would be following the investigation at White Sky with keen interest. He will face a sentencing hearing in the NSW District Court on November 4.
White Sky provides accounting and business management services for some of Australia’s top artists including Tame Impala, Amy Shark, Vance Joy, and Peking Duk.
White Sky founder and managing director Tom Harris spoke with Accountants Daily earlier this year to celebrate the firm’s 20th anniversary.
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