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Treasurer of South Carolina dismisses allegations of misconduct in $1.8 billion accounting error as a witch hunt


South Carolina Treasurer Curtis Loftis defended himself against calls to resign after a $1.8 billion accounting error was uncovered. The error was known for six years before being reported to the General Assembly. Loftis blamed retired staff and other agencies for the mistake, calling the situation a political witch hunt.

The Senate Finance Committee passed a resolution to have a private accounting firm oversee the Treasurer’s Office until the state’s accounts are in order. The error was discovered after a forensic audit and the resignations of the Comptroller General and State Auditor.

Lawmakers questioned Loftis about why the problem wasn’t reported sooner and expressed frustration over the millions of dollars spent to rectify the issue. Loftis maintained that his staff was trying to fix the mistakes made by others and that the damage to the state’s credit rating had already been done by aggressive scapegoating.

Despite Loftis’ claims, a memo from Senate Finance staff stated that the state’s ability to borrow and assume debt had not been affected. Loftis and Republican Sen. Larry Grooms had a heated exchange after the meeting, with Grooms accusing Loftis of preventing schools and hospitals from being built in the state.

Loftis’ office did not respond for comment on the encounter. The situation has raised concerns among lawmakers and has led to calls for greater oversight of the Treasurer’s Office.

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