Former banker, Murdaugh associate Russell Laffitte given $500K bond in federal fraud case

CHARLESTON, S.C. (WCBD) – Former Palmetto State Bank CEO Russell Laffitte – an associate of Alex Murdaugh – was given a $500,000 bond during a Wednesday morning arraignment in Charleston, of which he must pay $25,000.

Laffitte is facing a five-count indictment from a federal Grand Jury charging the former banker with conspiracy to commit wire fraud, bank fraud, and misapplication of bank funds.

Laffitte is accused of helping Alex Murdaugh and suspended attorney Cory Fleming divert nearly $2 million from clients in three separate instances.

Magistrate Judge Molly H Cherry presided over the case in a federal courtroom in downtown Charleston. Laffitte is also ordered to house arrest, must surrender his passport and cannot have any communication with Palmetto State Bank employees or families involved in the case.

Laffitte would not comment on the case to News 2 while leaving court on Wednesday.