John Land Is Gullible

The ranking Democrat on South Carolina’s Senate Finance Committee was conned out of hundreds of thousands of dollars by a convicted swindler – which makes him not unlike the millions of taxpayers who’ve been duped by him over the years.

According to today’s Sumter Item, Senator John C. Land III gave $675,000 to investment scammer Ivan Schlager, who promised him he would receive more than a fifty percent rate of return. Meanwhile Land’s son, John C. Land IV, was duped for another $460,000.

From the Item story:

Land said he “thought it was incredible” Schlager “had gone to the extent of sending out these very detailed sheets of names of companies I had supposedly invested in,” showing alleged profits and service fees being charged.

Having someone promise him “better than (a) 50 percent” return on his investment didn’t initially raise red flags, he said.

“But it should have,” he admitted. “As I understood this, this investment philosophy — day trading — you can do very well or lose your rear end fast, too. A good day trader can make good returns.”

The lesson learned, he said, is “the same thing I said all along — it looked like if it was too good to be true, it probably was not.”

Land said he’s under the impression that restitution will be made “any day.”

“I understand the check is in the mail,” he added.

Uhhh … sure it is.

Again, Land is the highest-ranking Democrat (well, not counting this guy) on the most powerful financial committee in this state. And his son is an appointee to Santee Cooper, the state’s most powerful board.

Good to know our tax dollars and public utilities are in such capable hands …

Of course, while South Carolinians suffer under record unemployment thanks to Land’s poor stewardship of their tax dollars, he won’t be hurting after exercising a similar lack of judgment in his personal life.

After all, Land rakes in over $2 million a year solely from his workers’ compensation practice, which is one reason he’s fought tooth and nail against reforming our state’s worthless workers’ comp laws.

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