MORNING HEADLINES | A state account discovered last year that supposedly contained $1.8 billion in unaccounted-for funds turns out to have been an accounting error, according to an audit released Wednesday. (See the audit.)
There never was an extra $1.8 billion that went missing, the report said. Rather, there was some bad accounting. But the pesky problem did cost at least $7 million in legal and investigative fees so far to unravel, according to reports. And accounting mistakes now have the state facing a federal securities investigation over what happened.
“Today we know, beyond a shadow of a doubt, the money does not exist. It never existed. It was double counted,” Sen. Larry Grooms, R-Bonneau, is reported to have said. “The question now: Was that an error? Was it negligence? Was it malfeasance? Misfeasance? Was it fraud or whether there was a cover-up? All these things matter.”
Last year, state officials said the $1.8 billion of entries was overlooked as the state transitioned to a new accounting system.
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