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🚨BREAKING: SOUTH CAROLINA UNDER FEDERAL INVESTIGATION: Federal securities and financial regulators have been conducting their own unpublicized investigation for at least a year into the $1.8 million the state "found," but now says doesn't exist. https://t.co/AQqC3Uo3p7.
It turns out that $1.8 billion in South Carolina state funds weren't just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined. https://t.co/jbp5iSNjL8
South Carolina leaders explain how $1.8 billion ended up in a state bank account https://t.co/GwnxaP7DeN
A forensic accounting review has revealed that an account in South Carolina, which was believed to contain over $1.8 billion, does not exist. The findings indicate that the supposed funds were the result of accounting errors that accumulated over several years without proper reconciliation. This revelation has prompted federal regulators to conduct their own investigation into the matter, which has been ongoing for at least a year. State leaders have begun to explain how the erroneous figure came to be reported in the state bank account.
