02-05-2025
SLED, Inspector General investigating state Treasurer's Office
COLUMBIA, S.C. (WSPA) — State Treasurer Curtis Loftis' office is under investigation by the state Inspector General's Office and South Carolina Law Enforcement a statement from the Treasurer Loftis, he said that he met with Inspector General Brian Lamkin and SLED Director Mark Keel after a Senate Finance Subcommittee hearing on March 27.
Both Lamkin and Keel told Loftis they planned to investigate the State Treasurer's Office after a $1.8 billion accounting mistake was made, the statement said.
'I welcome this review and the opportunity to evaluate our actions independently,' a statement from Loftis reads. 'Claims that the Treasurer's Office participated in a deliberate effort to mislead the legislature are entirely without merit.'
The problems started as the state changed computer systems in the 2010s. When the process was finished, workers couldn't figure out why the books were more than $1 billion out of whack. A fund was created to cover the accounting error and over the years more was added on paper to keep the state's books balanced.
'Despite claims by Senator Grooms, our office has fully cooperated with all state agency partners and independent audit firms since this matter surfaced, stemming from the former Comptroller General's $3.5 billion restatement in the 2022 Annual Comprehensive Financial Report,' Loftis said.
Loftis first took office in 2010, and is currently serving his fourth term as the 'state's banker.' Despite past plans to retire after his fourth term, Loftis announced plans to run for reelection in 2026.
'Once the investigation concludes, I am confident the findings will reflect my office's integrity and diligence throughout this matter,' Loftis said.
One of his arguments to stay in office was it wasn't fair to overturn the results of an election.
Earlier this week, the Republican-dominated House has decided not to take up a resolution passed by the Senate to kick Loftis out of office because of his role in a phantom $1.8 billion account and the failure to report it to lawmakers for years.
House Speaker Murrell Smith said there just isn't enough time to take it up before the session ends May 8.
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