A former bank CEO has been indicted by a federal grand jury, accused of conspiring with disbarred lawyer Alex Murdaugh to misappropriate funds from clients, diverting millions of dollars.
details instances in which Laffitte, while working with Murdaugh, defrauded six clients"under materially false and fraudulent pretenses and by making materially false representations.""Laffitte — while serving as conservator for the bank customer’s personal injury clients — extended $355,000 in personal loans to himself and $990,000 in personal loans to the bank customer from funds held at PSB and belonging to the personal injury clients," the release stated.
Officials said Laffitte extended the loans to Murdaugh, knowing they “were used to cover hundreds of thousands of dollars in overdraft on the bank customer’s personal account.” The indictment further alleges that Laffitte knew Murdaugh “used funds stolen from other personal injury clients to pay back the loans.”
The release states Laffitte received disbursement checks from Murdaugh's law firm and he negotiated and distributed the funds following Murdaugh’s direction into bank money orders, cash and other wire transfers. At the same time, Laffitte collected nearly $400,000 in fees for his role as conservator and personal representative.In October 2021, he paid Murdaugh's law firm $680,000 without notice or consent from the bank.
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