South Carolina discovers $1.8 billion "surplus" was an accounting error, sparking SEC investigation.

An independent audit in South Carolina has revealed that a supposed $1.8 billion surplus was actually due to an accounting error from a system transition in the 2010s. The error was discovered in 2018 but not reported until recently, leading to calls for state Treasurer Curtis Loftis to face consequences. The state is now under investigation by the SEC and may face financial penalties. The audit recommends third-party oversight of state finances to prevent future issues.

2 months ago
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