Russell Laffitte.Photo:John Monk/The State/Tribune News Service via Getty Images
John Monk/The State/Tribune News Service via Getty Images
Russell Laffitte, a former CEO of Palmetto State Bank who assisted convicted murderer Alex Murdaugh in stealing over $2 million from clients’ legal settlements, will serve seven years in prison, theAssociated Pressreports.
Judge U.S. District Judge Richard Gergel handed down his sentence on Laffitte, a banker from Hampton County, S.C., saying that Laffitte played a vital role in the fraud that targeted victims, per thePost and Courier.
“These were extremely vulnerable people … and he treated them like players on a chessboard,” Gergel reportedly said.
Prosecutors said the banker, who was an officer at Palmetto State Bank, colluded with Alex Murdaugh, a personal injury attorney and a Palmetto customer, to commit wire fraud and bank fraud.
Prosecutors said that Laffitte, who served as conservator for Murdaugh’s personal injury clients, extended $355,000 in personal loans for himself and $990,000 in personal loans to Murdaugh from the clients’ funds held at Palmetto.
In addition to his prison sentence, Laffitte will have to pay restitution totaling $3.5 million and forfeit $85,854.73 in illegal proceeds, per prosecutors.
At the sentencing hearing, several people spoke on Laffitte’s behalf while others made victim impact statements,WIS Newsreports. Pamela Pinckney, a mother of one of Laffitte’s victims, addressed Laffitte, saying: “I will forgive you, but I will never forget you,” according to the outlet.
Among those who asked the judge for leniency on the banker included Laffitte’s wife and daughter. Before sentencing, Laffittee apologized to his victims in court.
U.S. Attorney Adair F. Boroughs said in a news release following Laffitte’s sentencing: “Russell Laffitte used his position of power and trust to steal from unusually vulnerable victims. His crimes undermine the public’s trust in the judicial and banking systems, and we are grateful to the FBI, South Carolina Attorney General’s Office, and South Carolina Law Enforcement Division for their partnership in ensuring he is held accountable.”
Justin Bamberg, an attorney for some of Laffitte’s victims, said Tuesday after the sentencing, perThe State: “Today just goes to show that nobody is above the law.”
Attorneys for Laffitte said that their client intends to appeal, arguing that Laffitte was an unknowing participant and not an active conspirator in Murdaugh’s alleged embezzlement, per thePost and Courier.
On March 2 of this year, Alex Murdaugh, a member of a prominent South Carolina family,was convicted in the 2021 murderof his wife Maggie and his son Paul after a lengthy trial that drew intense publicity. A day after his conviction, Alex Murdaugh was given two life sentences with the sentences running consecutively. At the time, Murdaugh’s attorneys said they would appeal both their client’s conviction and prison sentences.
Alex Murdaugh.Joshua Boucher/Pool/The State/Tribune News Service via Getty
Joshua Boucher/Pool/The State/Tribune News Service via Getty
Prior to his murder conviction, Alex Murdaughwas accused in September 2021 of misappropriating fundsfrom his law firm PMPED, which led to his resignation.
“This is disappointing news for all of us,” PMPED, which severed its relationship with Murdaugh, said in a statement at the time, perTheIsland Packet. “Rest assured that our firm will deal with this in a straightforward manner. There’s no place in our firm for such behavior.”
In October 2021,Murdaugh was arrested and charged with misappropriating insurance settlement fundsrelated to a wrongful death suit involving his longtime housekeeper. Murdaugh was accused of pocketing $4.3 million of the settlement for Gloria Satterfield, who died in 2018 from a mysterious trip and fall death.
On June 29, 2022, Murdaughwas indicted for money launderingin relation to an alleged money laundering and painkiller ring.
source: people.com
