American state authorities discovered a secret bank account with billions of dollars
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A big mystery came to light when US state authorities discovered an untouched secret bank account with $1.8 billion in it – and no one knows where it came from. The South Carolina government has discovered that it has nearly $2 billion in one of its bank accounts, but no one has any idea who put the money there or why. Sen. Larry Grooms said his investigative team still has no information from the Treasury Department about where those billions were supposed to go.
The South Carolina government has discovered that there is $1.8 billion in one of his bank accounts, but they have no idea who put the money there or why, writes the Daily Mail.
Senator Larry Grooms, who is leading the investigation into the money mystery, said his investigative team still does not have information from the Treasury Department about where the money was supposed to go.
“It’s like walking into your bank and the bank president tells you we have a lot of money in the vault, but we just don’t know who it belongs to,” Sen. Grooms said, according to the AP.
Until the origin of the money could be determined, Grooms proposed legislation that would allow him to transfer the large sum to a “safe deposit box” account where it would earn interest.
The state’s chief accountant, the elected Republican comptroller general, resigned last year when his office began duplicating funds in higher education accounts, resulting in a $3.5 billion paper miscalculation.
The initial cause of the problem was a change in the state’s computer system in 2010, the Daily Mail notes.
State Senate leaders said that while investigative accountants are still working to clean up the chaos, it appears money was moved from one place to another to help balance the state’s finances whenever they fell out of balance.
The South Carolina Senate recently approved a proposal that now heads to the House of Representatives that would allow voters to decide whether to appoint a comptroller general to the position.
Unless the treasurer can explain why the money in this account exists in the first place.
However, the Daily Mail notes, state officials have not been provided with any information that would reveal the source of the $1.8 billion, and the reason for the bank account errors remains undisclosed.
“This doesn’t inspire confidence. But the good news is that the money is not lost,” says Republican Gov. Henry McMaster.
Republican Treasurer Curtis Loftis claimed he deposited funds into the mystery account and earned nearly $200 million in interest for the state.
This raised concerns that Loftis had not informed the General Assembly of the existence of money that they had either set aside for government agencies or that may have been in a trust fund.
In a letter to Senator Grooms dated March 14, Loftis said that not only was it not his office’s responsibility, but that the comptroller general was “attempting to shift the responsibility for putting things in order to the Treasurer.”
Loftis said his team spent thousands of hours researching the account and that they were denied access to the materials or a meeting with the Comptroller General’s office.
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