Latest news with #CurtisLoftis
Yahoo
05-05-2025
- Business
- Yahoo
Thousands of South Carolinians could recieve a check from the State Treasurer's Office this month. Here's why
COLUMBIA, S.C. (WCBD) — More than 3,800 checks will be mailed out to people in South Carolina in the coming weeks as the State Treasurer's Office works to return hundreds of thousands of dollars in unclaimed property. The office has launched a new initiative called 'Palmetto Payback,' which matches qualified unclaimed property to its owner and automatically generates checks without needing to file a claim. The first wave of payments, totaling more than $600,000, is expected to hit mailboxes in the coming days, according to the treasurer's office. 'We want to make it easier for South Carolinians to get their forgotten funds back, putting money directly into their hands,' said Treasurer Curtis Loftis. 'This is about efficiency, accuracy, and ultimately, about serving the people of our state.' The Treasurer's Office, which acts as custodian of the funds until the rightful owners come forward, estimates that one in seven people in South Carolina have unclaimed property, averaging about $500. The office currently has over $950 million available to claim. The Treasurer's Office, which acts as custodian of the funds until the rightful owners come forward, currently has over $950 million available to claim. Student loan default collections resume: What you need to know Businesses transfer millions of dollars to the unclaimed property program each year when the owner of the funds cannot be located. The funds can come from dormant bank accounts, stock certificates, uncashed checks, unclaimed insurance proceeds, and forgotten utility deposits, for example. 'While we are excited to automatically return funds to thousands of South Carolinians, not all unclaimed property can be validated through this special initiative,' Loftis said. All South Carolinians — including those who receive automatic checks — are encouraged to check the treasurer's website to see if missing money might be waiting for them. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
SC treasurer avoids being ousted this year over $1.8B accounting error
South Carolina Treasurer Curtis Loftis spoke to reporters ahead of the Greenville County GOP convention in Greenville on Monday April 14, 2025. The Republican appears to have survived attempts to remove him from office for his role in a $1.8 billion state accounting error.(File photo by Mark Susko/Special to the SC Daily Gazette) COLUMBIA — South Carolina's treasurer will keep his job, at least for now. That's despite the state Senate voting last week to remove state Treasurer Curtis Loftis from office for his role in a $1.8 billion accounting blunder. The error involved almost no actual money but went unreported for nearly a decade. House Democrat calls for SC treasurer's impeachment over $1.8B accounting debacle But as the clock runs out on the 2025 legislative session, House GOP leaders said their chamber won't take the matter up this year. 'We're going to concentrate on passing legislation now, and then we'll make a decision after session concludes on the path forward with the treasurer,' House Speaker Murrell Smith told South Carolina Public Radio in an interview that aired Wednesday. In the House on Wednesday, Republicans shut down a last-ditch effort by a House Democrat to initiate impeachment proceedings on the state's banker. Rep. Heather Bauer, D-Columbia, rose from her seat to ask her colleagues to take up the bill she introduced in January and start the process. The request required unanimous approval by the chamber. But Rep. Bill Taylor, R-Aiken, quickly objected, halting the attempt without further explanation. Just four days remain in the 2025 legislative calendar. By state law, the regular session must end at 5 p.m. May 8. In the Public Radio interview, Smith said the House has not totally ruled out taking action, but work remains on what that process might look like. 'This is the busiest time of the legislative session and so we're going to have to get through our legislative business,' the Sumter Republican said. Meanwhile, Loftis has said he plans to run in 2026 for a fifth term in office. 'I am ready to turn my focus back to doing the people's work — to stabilize our state's financial system and put this unfortunate chapter of fighting baseless claims by a few politically-motivated senators behind us,' the Republican treasurer wrote in a late Tuesday statement. SC Senate votes to remove state treasurer over $1.8B accounting error Loftis stands accused of 'willful neglect' of his duties after he and other financial officials failed to alert the General Assembly of the accounting issues in the state's books. The Senate voted 33 to 8 for his removal. The error in question stemmed from the changeover from the state's legacy accounting system to a new one. During that process, a series of electronic ledger entries made it appear the state had $1.8 billion sitting untouched in a fund with no record of where it was supposed to go. A forensic accounting firm hired by the state ultimately found the entries were made in error, and all but $200 million of the money was never real. Their work cost taxpayers $3 million. Loftis has continuously said he did nothing wrong, as no money went missing, and has instead laid the blame for the problem outside his office.
30-04-2025
- Business
South Carolina treasurer appears to survive attempt to kick him out of office
COLUMBIA, S.C. -- Republican South Carolina Treasurer Curtis Loftis appears likely to stay in office for at least the rest of the year. 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 that showed up on the state's books but had barely any real money in it and the failure to report it to lawmakers for years. The Senate sent the resolution to remove Loftis to the House on April 21. House Speaker Murrell Smith said there just isn't enough time to take it up before the session ends May 8. 'We're going to concentrate on passing legislation now and we'll make a decision after session concludes on the path forward with the treasurer,' Smith told South Carolina Public Radio. The decision leaves Loftis open to run for a fifth four-year term in 2026. One of his arguments to stay in office was it wasn't fair to overturn the results of an election. 'I am grateful for the House leadership's decision today to choose the people's business over political theatre. I feel sure that South Carolinians are thankful that they are the first priority, and political games are not. I am ready to turn my focus back to doing the people's work,' Loftis wrote in a statement. The Senate voted 33-8 to remove Loftis after an extraordinary hearing with 23 Republicans voting yes. It was the culmination of over two years of investigation by senators that began when state accountants unintentionally exaggerated money given to colleges and universities by $3.5 billion. That led to the discovery of an account error that started a decade ago when the state was changing from one accounting system to another. If accountants couldn't balance the entries in the two sets of books as they moved thousands of accounts with different definitions, they kept adding it to a special account year after year until it grew to $1.8 billion. It took forensic accountants, who were paid millions of dollars in fees, to finally unravel that nearly all of the money was not real cash but just an accumulation of errors. Loftis has called the Senate investigation a witch hunt. He repeatedly said no money went missing and the errors were not made in his office, although others have testified differently. The treasurer said continuing to focus on the mistakes threatens the state's strong credit rating. Just because eight Republican senators voted against the resolution doesn't mean they back Loftis. Senate Majority Leader Shane Massey said he simply thought his fellow senators did not make a strong enough case to remove him from office. 'I'd vote for a monkey over Curtis Loftis. I think he has no business being treasurer and my hope is Republicans will put up a good candidate to run against him," Massey said. This is the first year of a two year session, so the resolution to dump Loftis, which is currently in a House committee, will stay alive when lawmakers return to Columbia in 2026.
Toronto Star
30-04-2025
- Business
- Toronto Star
South Carolina treasurer appears to survive attempt to kick him out of office
COLUMBIA, S.C. (AP) — Republican South Carolina Treasurer Curtis Loftis appears likely to stay in office for at least the rest of the year. 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 that showed up on the state's books but had barely any real money in it and the failure to report it to lawmakers for years. The Senate sent the resolution to remove Loftis to the House on April 21. House Speaker Murrell Smith said there just isn't enough time to take it up before the session ends May 8. ARTICLE CONTINUES BELOW 'We're going to concentrate on passing legislation now and we'll make a decision after session concludes on the path forward with the treasurer,' Smith told South Carolina Public Radio. The decision leaves Loftis open to run for a fifth four-year term in 2026. One of his arguments to stay in office was it wasn't fair to overturn the results of an election. 'I am grateful for the House leadership's decision today to choose the people's business over political theatre. I feel sure that South Carolinians are thankful that they are the first priority, and political games are not. I am ready to turn my focus back to doing the people's work,' Loftis wrote in a statement. The Senate voted 33-8 to remove Loftis after an extraordinary hearing with 23 Republicans voting yes. It was the culmination of over two years of investigation by senators that began when state accountants unintentionally exaggerated money given to colleges and universities by $3.5 billion. That led to the discovery of an account error that started a decade ago when the state was changing from one accounting system to another. If accountants couldn't balance the entries in the two sets of books as they moved thousands of accounts with different definitions, they kept adding it to a special account year after year until it grew to $1.8 billion. It took forensic accountants, who were paid millions of dollars in fees, to finally unravel that nearly all of the money was not real cash but just an accumulation of errors. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Loftis has called the Senate investigation a witch hunt. He repeatedly said no money went missing and the errors were not made in his office, although others have testified differently. The treasurer said continuing to focus on the mistakes threatens the state's strong credit rating. Just because eight Republican senators voted against the resolution doesn't mean they back Loftis. Senate Majority Leader Shane Massey said he simply thought his fellow senators did not make a strong enough case to remove him from office. 'I'd vote for a monkey over Curtis Loftis. I think he has no business being treasurer and my hope is Republicans will put up a good candidate to run against him,' Massey said. This is the first year of a two year session, so the resolution to dump Loftis, which is currently in a House committee, will stay alive when lawmakers return to Columbia in 2026. Filing for office starts next March with the Republican primary for treasurer, governor and other statewide offices happening in June.
Yahoo
30-04-2025
- Business
- Yahoo
South Carolina treasurer appears to survive attempt to kick him out of office
COLUMBIA, S.C. (AP) — Republican South Carolina Treasurer Curtis Loftis appears likely to stay in office for at least the rest of the year. 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 that showed up on the state's books but had barely any real money in it and the failure to report it to lawmakers for years. The Senate sent the resolution to remove Loftis to the House on April 21. House Speaker Murrell Smith said there just isn't enough time to take it up before the session ends May 8. 'We're going to concentrate on passing legislation now and we'll make a decision after session concludes on the path forward with the treasurer,' Smith told South Carolina Public Radio. The decision leaves Loftis open to run for a fifth four-year term in 2026. One of his arguments to stay in office was it wasn't fair to overturn the results of an election. 'I am grateful for the House leadership's decision today to choose the people's business over political theatre. I feel sure that South Carolinians are thankful that they are the first priority, and political games are not. I am ready to turn my focus back to doing the people's work,' Loftis wrote in a statement. The Senate voted 33-8 to remove Loftis after an extraordinary hearing with 23 Republicans voting yes. It was the culmination of over two years of investigation by senators that began when state accountants unintentionally exaggerated money given to colleges and universities by $3.5 billion. That led to the discovery of an account error that started a decade ago when the state was changing from one accounting system to another. If accountants couldn't balance the entries in the two sets of books as they moved thousands of accounts with different definitions, they kept adding it to a special account year after year until it grew to $1.8 billion. It took forensic accountants, who were paid millions of dollars in fees, to finally unravel that nearly all of the money was not real cash but just an accumulation of errors. Loftis has called the Senate investigation a witch hunt. He repeatedly said no money went missing and the errors were not made in his office, although others have testified differently. The treasurer said continuing to focus on the mistakes threatens the state's strong credit rating. Just because eight Republican senators voted against the resolution doesn't mean they back Loftis. Senate Majority Leader Shane Massey said he simply thought his fellow senators did not make a strong enough case to remove him from office. 'I'd vote for a monkey over Curtis Loftis. I think he has no business being treasurer and my hope is Republicans will put up a good candidate to run against him," Massey said. This is the first year of a two year session, so the resolution to dump Loftis, which is currently in a House committee, will stay alive when lawmakers return to Columbia in 2026. Filing for office starts next March with the Republican primary for treasurer, governor and other statewide offices happening in June.
