A former CEO of Palmetto State Bank in South Carolina has been sentenced to seven years in federal prison for his involvement in a scheme to steal nearly $2 million from clients’ legal settlements. Russell Laffitte was found guilty of six charges related to wire and bank fraud in November and became the first accomplice of convicted murderer Alex Murdaugh to face prison time. The sentencing follows the investigations into the Murdaugh family finances that were triggered by the shooting deaths in June 2021.
US District Judge Richard Gergel has also ordered Laffitte to pay over $3 million in restitution, with Murdaugh contributing a portion of that amount. Despite coming from a prominent family and being honored as the banker of the year in 2019, Laffitte’s reputation suffered due to his actions as the court-appointed safeguard for the settlement money. Prosecutors argued that Laffitte used his position to embezzle tens of thousands of dollars and collect untaxable fees, while also sending significant sums to Murdaugh to help repay loans.
During his court appearance, Laffitte apologized to the victims, the judge, and the bank’s customers for his failure to fulfill his duties. However, he maintained his innocence, claiming that he was unaware he was committing crimes and that he was manipulated by a major customer. Prosecutors refuted these claims, pointing out that the diverted checks were made payable to Palmetto State Bank rather than Laffitte individually, suggesting intentional concealment of the final destination. They emphasized that Laffitte enabled Murdaugh’s actions instead of stopping him.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
