Who is Russell Laffitte? Ex-Palmetto Bank CEO charged for giving unauthorized $750K loan to Alex Mur

May 19, 2024

A former Palmetto State Bank CEO, Russell Laffitte was charged with conspiracy, wire fraud, and bank fraud on July 20. The charges came on the same day as accused murderer Alex Murdaugh appeared for a bond hearing in Colleton County, whom Laffitte helped to steal $355K for himself and $990K for Murdaugh.

According to The States, the charges, that were made public on the afternoon of July 20, issued by a federal grand jury in Columbia, allege a longstanding conspiracy between an unidentified “bank customer,” whom sources identified as Murdaugh and Laffitte for using the Palmetto State Bank in Hampton County bank as a tool for laundering money that Murdaugh stole. The news broke out after Murdaugh pleaded not guilty to murdering his wife, Maggie, and son, Paul, in June 2021.

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Federal conspiracy

As per the Department of Justice's press release, the indictment alleges that Laffitte conspired with a bank customer to commit wire fraud and bank fraud. The release says, "The indictment alleges that during the conspiracy, Laffitte, who is a longtime friend and neighbor of Murdaugh, served as an employee, officer, or director of the Palmetto State Bank (“PSB”), and the bank customer worked as a personal injury attorney at a law firm in Hampton, South Carolina. Laffitte and the bank customer engaged in a scheme to defraud the bank customer’s personal injury clients under materially false and fraudulent pretenses and by making materially false representations. Laffitte and the bank customer conspired to obtain money from the bank customer’s personal injury clients and the law firm, money which was held at PSB."

It further states that the indictment alleges that Laffitte extended $355,000 in personal loans to himself and $990,000 in personal loans to the bank customer from funds held at PSB and belonging to the personal injury clients.

As per NY Post, Laffitte served as a conservator for Alania Spohn and Hannah Plyler, two young sisters represented by Murdaugh. The sisters were awarded settlement money in connection with a 2005 accident that killed their mother and brother. Laffitte allegedly schemed with Murdaugh to steal the sisters’ accounts. In addition to this, Laffitte misused bank funds to give Murdaugh an unauthorized $750k loan for “beach house renovations and expenses."

Who is Russell Laffitte?

A graduate of Newberry College as well as the Graduate School of Banking at LSU, Laffitte completed his MBA from Troy State University and served as Treasurer for the KA Delta Epsilon Alumni Association. He was named as ‘Independent Banker of the Year’ by the Independent Banks of South Carolina (IBSC) at the 55th IBSC Annual Convention on July 26, 2019.

A father of two kids, Laffitte has served as the Vice Chairman for the Hampton County Disability and Special Needs Board, according to Who's On The Move.

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Laffitte was fired from his role as the Palmetto State Bank CEO in January of this year, according to FITSNews. His family reportedly launched the institution in 1907. Laffitte also faces 21 state charges for his alleged role in various schemes. He is currently on house arrest awaiting trial.

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