RUSSELL LAFFITTE, FORMER BANK CEO AND ALEX MURDAUGH ACCOMPLICE, PLEADS GUILTY TO FRAUD, FACES PRISON AND MILLIONS IN RESTITUTION

RUSSELL LAFFITTE, the former CEO of Palmetto State Bank and an alleged accomplice of disgraced legal scion ALEX MURDAUGH, has pleaded guilty to federal fraud charges. Court records obtained by WCIV reveal that Laffitte will serve five years in prison and pay $3,555,884.80 in criminal restitution. Additionally, he is barred from working at any federally insured bank or credit union without prior approval.

Laffitte, who served as CEO of Palmetto State Bank during the time of the crimes, allegedly used his position to facilitate financial schemes alongside Murdaugh. He also acted as a conservator or financial representative for Murdaugh’s personal injury clients. Both Laffitte and Murdaugh hail from Hampton, South Carolina, a rural town where their families rose to prominence.

In 2022, a jury convicted Laffitte of aiding Murdaugh in stealing approximately $2 million from clients. He was initially sentenced to seven years in prison and ordered to pay $3.5 million in restitution. However, an appellate court overturned the sentence in November 2024, citing mishandling during the trial that violated Laffitte’s Fifth Amendment rights.

Laffitte was fired from Palmetto State Bank after allegations surfaced that he assisted Murdaugh and Murdaugh’s lawyer friend, CORY FLEMING, in stealing from a legal client, HAKEEM L. PINCKNEY, a deaf athlete who became a quadriplegic following a car accident.

In a related case, Murdaugh and Fleming were ordered in January 2025 to pay millions to an insurance company after conspiring to steal $4 million from the family of Murdaugh’s late housekeeper, GLORIA SATTERFIELD. Satterfield died after a fall on the Murdaughs’ South Carolina hunting estate, Moselle. The $4 million stolen from her family is part of over 100 financial crime charges against Murdaugh, involving millions stolen from his former law firm clients.

Murdaugh is currently serving multiple sentences, including 40 years in federal court and 27 years in state court for financial crimes. He was also sentenced to life in prison for the 2021 murders of his wife, MAGGIE MURDAUGH, and youngest son, PAUL MURDAUGH. Prosecutors allege he orchestrated the killings to distract from his mounting financial crimes.

Fox News Digital’s AUDREY CONKLIN and DANIELLE WALLACE contributed to this report.

**Sources:**
[WCIV](https://example.com)
[Fox News Digital](https://example.com)