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Much of the $1.8 billion was found in a bank account only ever existed on paper, but legislators are left puzzled over how the mistake happened under Treasurer Curtis Loftis.

A South Carolina Department of Administration report revealed origins of a $1.8 billion accounting discrepancy that has puzzled lawmakers and residents alike.

I think it’s important to note, this is not any fraud, this is not a misrepresentation, that this is just incompetence, in errors that have occurred over a period of time,” SC House Speaker Murrell Smith said.

Statehouse reporters Gavin Jackson, Russ McKinney and Maayan Schechter are back at the Capitol reporting what you need to know when lawmakers are in Columbia. They'll post news, important schedules, photos/videos and behind-the-scenes interviews with policymakers.

The results of the audit found that $1.6 billion of the $1.8 billion believed to have existed was the "result of incorrect journal entries."

Copyright 2025 The Associated Press. All Rights Reserved. South Carolina Treasurer Curtis Loftis, left, looks at notes before speaking at a meeting of the Legislative ...

In South Carolina, the fallout from a $1.8 billion accounting error cost the job of the state auditor, while the state treasurer is vowing to push forward with a promise of transparency. An independent audit released earlier this month found that $1.

COLUMBIA, S.C. — An audit of South Carolina's state finances finds that the puzzling $1.8 billion account mostly never existed in the first place.

An independent forensic audit has unveiled a $1.8 billion accounting oversight in South Carolina's state funds, dispelling hopes of a financial windfall. This discovery, rooted in past errors and compounded over years,

This comes after an independent forensic audit determined an accounting error was responsible for nearly $2 billion mysteriously sitting in South Carolina’s bank account.

One of the biggest conversation topics recently in South Carolina was the “mystery” $1.8 billion, reported to be found in a state account.