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Ex-Banker Russell Laffitte Sentence to 7 Years Imprisonment For Stealing Millions! (PHOTO: The State)
Russell Laffitte’s Sentence
Russell Laffitte, the CEO of Palmetto State Bank in Hampton County, played a significant role in assisting former lawyer Alex Murdaugh in stealing funds from the bank that were meant to be in his care.
The judge characterized Russell Laffitte’s thefts as well-organized, systematic, and cruel, targeting vulnerable individuals such as a deaf man dependent on a ventilator and two young sisters who had recently suffered the loss of their mother in a car accident.
Russell Laffitte had been serving as a conservator for their funds, which were later won in settlements by Murdaugh for their injuries.
During the hearing, nine of Russell Laffitte’s family and friends testified about his good character and community involvement. However, the judge also highlighted Russell Laffitte’s cruelty towards some of the most vulnerable victims he had encountered.
Russell Laffitte took the opportunity to apologize to his victims and their families, acknowledging his failures and acts that led to his current situation. He expressed deep remorse for letting down his family and the wider Hampton County community.
The fraud committed by Russell Laffitte involved manipulating funds, diverting money into various accounts, and providing low-interest loans and personal expenses for himself and Murdaugh. Russell Laffitte’s knowledge of banking practices was essential for carrying out the complex criminal scheme.
Russell Laffitte’s Sentencing
Gergel ordered Russell Laffitte to pay $3.55 million in restitution to two corporate victims in the case, the old Murdaugh law firm, and Palmetto State Bank, New York Daily News reported. The judge emphasized the importance of accountability and the rule of law in such cases.
Russell Laffitte’s sentencing marks the conclusion of a significant chapter in the extensive crime story involving Murdaugh, his partners in crime, and a multitude of victims.
While Russell Laffitte and Murdaugh have been held accountable for their actions, Murdaugh still faces fraud charges in state court. Another accomplice, former lawyer Cory Fleming, has already pleaded guilty to his involvement in the thefts.
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