COLUMBIA, S.C. - According to federal court records published on Monday, Russell Laffitte, a South Carolina banker with ties to convicted killer Alex Murdaugh, has agreed to plead guilty to federal bank charges.

Due to the nature of the plea deal, Laffitte will not undergo a second trial.

For context, Laffitte was convicted by a federal grand jury back in 2022 for financial crimes including bank fraud, wire fraud and the misapplication of bank funds.

Laffitte was then sentenced to seven years in federal prison. He was also ordered to pay $3.5 million in restitution and forfeit over $85,000 in illegal proceeds.

After spending 13 months in federal prison, Laffitte’s attorneys successfully got his bank fraud conviction overturned by an appeals court. This meant Laffitte would be put on trial again, which was slated to begin in May.

Under the plea deal, Laffitte is expected to receive five years or 60 months instead of the seven years he was sentenced with in 2023. Laffitte would also be credited for the 13 months he has already served.