UPDATE: Russell Laffitte has been sentenced to 84 months in federal prison and ordered to immediately pay $3,555,884.80 in restitution.
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CHARLESTON, S.C. (WCBD) – A sentencing hearing will be held Tuesday morning for Russell Laffitte, a former South Carolina banker and accomplice to convicted murderer Alex Murdaugh, connected to a series of financial crimes.
Laffitte’s sentencing comes nearly seven months after he was found guilty of helping Murdaugh steal from clients. He was serving as the CEO of Palmetto State Bank at the time and allegedly used his position at the bank to carry out the crimes. Laffitte was fired from the position in early 2022.
Charged with six federal indictments connected to bank fraud, wire fraud, conspiracy, and three counts of misapplication of bank funds, Laffitte was ultimately found guilty in November 2022.
It all stems from the financial crimes that allegedly led back to Alex Murdaugh – the disbarred attorney turned convicted murderer – who is now serving a lifetime prison sentence for the killing of his wife and youngest son.
Attorney Eric Bland, of the Bland Richter Law Firm, is representing one of Laffitte’s victims and said he believes Tuesday’s sentencing will set the tone for future hearings surrounding Murdaugh and the financial wrongdoings, as well as bring some closure to victims.
Attorneys also say the hearing is the first financial hearing surrounding Murdaugh.
“This is the first financial conviction of any charged crime … Since his conviction, Russell has done everything but blame himself,” said Bland.
Laffitte filed several appeals since being found guilty calling for a retrial. In the latest, the former banker claimed his name was cleared during testimony in Murdaugh’s double-murder trial earlier this year.
He argued that Murduagh’s admission during testimony to the slew of financial crimes for which he is charged should be considered new evidence and warranted a new trial.
Judge Richard Gergel disagreed, arguing that Laffitte was not entitled to a new trial because Murdaugh’s testimony did not meet the necessary legal standard of “newly discovered evidence” and Murdaugh not being a credible witness. The request was denied.
United States District Judge Richard M. Gergel presided over the trial and will impose the sentence.
Tuesday’s sentencing hearing is expected to begin at 10:00 a.m. in downtown Charleston.