FACTOR Canada says it has fallen victim to serious cyber theft.
Court filings by the music funding body, The Foundation Assisting Canadian Talent on Recordings, reveal claims that $9.8 million was stolen from a Scotiabank account earlier this year.
FACTOR distributes millions in funding to thousands of artists and music organizations in Canada — last year, the organization dispensed $50 million. Now, it’s alleging that an amount equivalent to nearly a fifth of that annual distribution was transferred by a cyberthief to a numbered company.
James Campagna, shareholder for said company, then allegedly transferred $9.4 million to a cryptocurrency-owned account and converted the funds into crypto.
Today (Nov. 29), a hearing took place at the Ontario Superior Court of Justice on the matter.
In a statement on the foundation’s website titled “FACTOR’s Response to the Scotiabank Cybertheft: The Facts,” the company clarifies its side of the story that was reported on in the media and says that it aims to “defend the baseless allegations being made by Scotiabank against our systems and staff.”
“It is true that FACTOR has been a victim of a significant financial crime that occurred on June 12, 2024, by way of a one-time fraudulent wire from our Scotiabank account on ScotiaConnect in the amount of $9,772,875.33,” the statement reads.
But the response from FACTOR adds new details to the story, particularly in regards to Scotiabank’s involvement.
The organization says it reported the crime to law enforcement on June 14, but that Scotiabank “has acknowledged it has never reported this financial crime to law enforcement.”
The statement also asserts that the money transfer was 300x larger than any transfer previously made from that account, “with no alerts to FACTOR of this highly unusual, suspicious, and illegal activity.”
If the funds aren’t recovered swiftly, there’s reason to be concerned that artists — who rely on FACTOR funding for recording, music video production, touring and more — could be affected.
More on this story as it develops – Rosie Long Decter
Drake Tells Interviewer to Turn Off The Weeknd and Put on Blink-182
Drake’s got a lot of enemies right now.
After Kendrick Lamar released his new album but before news broke of Drake’s two different legal actions against his parent label Universal Music Group and Spotify, the rapper joined Quebecois streamer xQc for a livestream on Kick on Sunday (Nov. 24).
You never know what Drake will say with a live mic, so many fans tuned in to see if he’d have words about the Kendrick beef or any other hot topics. Between confirming an upcoming Australia tour and giving an update on his collaborative album with PartyNextDoor, he also threw some subtle shade at his former friend The Weeknd.
As his song “Starboy” started playing, Drake quickly told xQc to “switch that one off.” When the host asked him why he doesn’t listen to it, he answered “we’re real 6ixers, we don’t listen to that.” He told him to turn on Blink-182 instead. “I want to hear that real sh-t,” he said over the sounds of “Dammit.”
The Weeknd was born in Scarborough, Ontario, a district of Toronto, a.k.a The 6ix. The Weeknd began his career affiliated with Drake, but the two have had their own long-simmering beef. The Weeknd was spotted in the audience at Kendrick Lamar’s “Pop Out” concert on Juneteenth, which included performances of all of the rapper’s diss tracks and multiple performances of the scathing “Not Like Us.”
Former Toronto Raptor DeMar DeRozan was also at that concert. That clearly upset Drake, who called him out on a recent game broadcast. Evidently, he still has beef with The Weeknd too.
Drake didn’t address Kendrick or his new album by name, but did reference Kendrick and his “false accusations” indirectly. “You need facts to take me out, fairy tales won’t do it,” he said. –Richard Trapunski
