Feds hit ex-SC banker and Murdaugh friend Russell Laffitte with new fraud charge

  • In US
  • 2022-08-17 13:29:38Z
  • By The State

Federal prosecutors have charged Russell Laffitte, the former Hampton banker and alleged accomplice of Alex Murdaugh's, with an additional count of fraud involving a $500,000 line of credit that was supposed to be used for farming purposes.

A new and updated indictment, called a superceding indictment, against Laffitte by a federal grand jury was made public Wednesday morning.

The new charge, added to five previous counts of alleged illegal financial activity, says that Laffitte caused his bank, Palmetto State Bank in Hampton, to fund a $500,000 line of credit in 2015 to an unidentified bank customer to be used for "farming," and that the bank issued a $284,787 cashier's check pursuant to the line of credit.

Laffitte's lawyer, Bart Daniel, could not immediately be reached.

Prosecutors are known to issue new charges against an already charged defendant as a method of getting someone to plead guilty.

A federal grand jury indicted Laffitte in July that alleged a longstanding conspiracy between an unidentified "bank customer," whom sources identified as Murdaugh, and Laffitte to use the Palmetto State Bank in Hampton County bank as a tool for laundering money.

The conspiracy alleged the two misappropriated millions of dollars from bank customers and that both profited from the covert arrangement.

This story will be updated.


Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: US