Ex-Banker Russell Laffitte Pleads Guilty to Fraud, Avoids Retrial

Laffitte agrees to a five-year prison term and $3.5 million restitution for his role in Alex Murdaugh’s financial schemes.

Russell Laffitte, former CEO of Palmetto State Bank, pleaded guilty to six federal charges, including bank fraud and conspiracy.
The plea deal cancels his retrial, which was set to begin in May, following the overturning of his 2022 conviction due to juror handling errors.
Federal prosecutors recommended a five-year prison sentence, two years less than his original sentence, as part of the agreement.
Laffitte admitted to using his position to divert millions of dollars from Alex Murdaugh’s legal clients to benefit Murdaugh and cover his debts.
This marks the latest development in the broader Murdaugh saga, which includes financial crimes and life sentences for the 2021 murders of his wife and son.