Laffitte pleads guilty to federal charges - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
April 24, 2025 Newswires
Share
Share
Post
Email

Laffitte pleads guilty to federal charges

Michael M. DeWitt, Jr., Greenville NewsThe Hampton County Guardian

Despite a high-court-ordered new trial, former Hampton banker and accused Alex Murdaugh fraud accomplice Russell Laffitte has opted to plead guilty to federal charges before standing trial on the first of his state criminal charges later this year.

On April 11, Laffitte, the former CEO of Palmetto State Bank in Hampton and a member of a South Carolina Lowcountry legacy banking family, signed a plea agreement admitting guilt in six counts of federal criminal charges in United States District Court, District of South Carolina's Beaufort Division.

In exchange for his plea to bank fraud, wire fraud, conspiracy to commit wire fraud and bank fraud, and three counts of misapplication of bank funds, and complying with several other provisions, Laffitte would be sentenced to 60 months (five years) in federal prison, followed by a period of supervised release, as well as fines, fees and restitution.

Laffitte was indicted in both state and federal courts in 2022 in connection with a financial crime spree orchestrated by disbarred attorney and convicted fraudster and murderer Richard "Alex" Murdaugh.

While awaiting trial on state charges, Laffitte was convicted in November 2022 on several federal charges and sentenced to seven years in federal prison.

However, in 2024, a federal appeals court vacated the conviction and sentence based on violations of Laffitte's Fifth and Sixth Amendment rights when a juror was ruled to have been improperly dismissed.

Laffitte's second federal trial was scheduled to begin May 5 but will no longer be needed.

Laffitte is now set to stand trial on the first of his state criminal indictments sometime in Allendale County in October of this year.

What are the details of Laffitte's plea agreement?

By pleading guilty, Laffitte potentially shaved off two years from his federal sentence, but the maximum sentence allowed by law on each charge was 30 years.

In exchange for his guilty plea, Laffitte also agreed to forfeit a certain amount of property, to be identified and determined by the federal government, $3,555,884.80 in criminal restitution, a monetary judgment of $85,854.73, and other fines, fees, and court costs.

The restitution and judgment must be paid on or before sentencing.

Per the agreement, if Laffitte violates any term of this plea agreement, federal prosecutors can seek the maximum punishment allowed by law.

Laffitte and one of his attorneys signed Laffitte's plea agreement, Mark C. Moore, on April 11 and by Emily Limehouse, Assistant United States Attorney, on April 14, when it was filed in the federal court's online public index.

The agreement awaits final approval by a federal judge, likely Richard Gergel, who oversaw the original conviction.

Assistant United States Attorneys Katie Stoughton and Winston Holiday also prosecuted the case.

Older

Guardian releases The 2024 Guardian Annual and record-breaking financial results

Newer

South Florida Insurance Broker Pleads Guilty to Fraud in $133M ACA Enrollment Scheme

Advisor News

  • Iowa House backs temporary tax hike to fill Medicaid gap
  • Iowa Medicaid temporary tax plan draws sharp public opposition
  • Charitable giving planning can strengthen advisor/client relationships
  • New $6K deduction could provide tax planning window for retirees
  • Iowa Medicaid temporary tax plan draws sharp opposition
More Advisor News

Annuity News

  • We can help find a loved one’s life insurance policy
  • 2025: A record-breaking year for annuity sales via banks and BDs
  • Lincoln Financial launches two new FIAs
  • Great-West Life & Annuity Insurance Company trademark request filed
  • The forces shaping life and annuities in 2026
More Annuity News

Health/Employee Benefits News

  • Medical debt associated with deferring dental, medical, and mental health care: Johns Hopkins Bloomberg School of Public Health
  • New Managed Care Study Findings Recently Were Reported by Researchers at University of Texas Southwestern Medical Center (Association of Vaping-Related Events with Relative Harm Perceptions of E-Cigarettes): Managed Care
  • Findings from American Public University Provides New Data about Managed Care (Public Health Impact of Wildfire Smoke Exposure: Analysis of Respiratory-Related Medicaid Claims in Wyoming): Managed Care
  • Iowa House backs temporary tax hike to fill Medicaid gap
  • Health insurance jargon can be frustrating and confusing – here’s how to navigate it
More Health/Employee Benefits News

Life Insurance News

  • New individual life premium hits record-setting $17.5B in 2025
  • Maryland orders Cigna to halt underpaying doctors or give cause
  • Insurers optimistic about their investments in 2026
  • AM Best Affirms Credit Ratings of PVI Insurance Corporation
  • Securian Financial Study Finds Americans Are Falling Into Workplace Benefits “Affordability Trap,” With Many Taking Financial Risks for Bigger Paychecks
More Life Insurance News

- Presented By -

Top Read Stories

More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Elevate Your Practice with Pacific Life
Taking your business to the next level is easier when you have experienced support.

Your Cap. Your Term. Locked.
Oceanview CapLock™. One locked cap. No annual re-declarations. Clear expectations from day one.

Ready to make your client presentations more engaging?
EnsightTM marketing stories, available with select Allianz Life Insurance Company of North America FIAs.

Unlock the Future of Index-Linked Solutions
Join industry leaders shaping next-gen index strategies, distribution, and innovation.

Press Releases

  • LifeSecure Insurance Company Announces Retirement of Brian Vestergaard, Additions to Executive Leadership
  • RFP #T02226
  • YourMedPlan Appoints Kevin Mercier as Executive Vice President of Business Development
  • ICMG Golf Event Raises $43,000 for Charity During Annual Industry Gathering
  • RFP #T25521
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet