Indicted Lawyer Had Nearly 21M in American Express Reward Points
Indicted South Florida lawyer Scott Rothstein had racked up nearly 21 million in reward points on his American Express card.
Prosecutors hope to use the more than 20,900,000 in reward points amassed by Rothstein to help pay back his victims, the Miami Herald reports. American Express typically rewards one point for each dollar spent, according to the Associated Press.
Rothstein has been charged in a $1.2 billion Ponzi scheme. He reportedly is negotiating a guilty plea.
A court filing revealed the reward points, but didn’t explain what Rothstein bought to earn them. According to the Miami Herald, “his gold toilet seat, flashy jewelry, powerboats and fleet of foreign sports cars are all possibilities.”
Others with lots of American Express reward points may be interested in this news: The points can be used to pay taxes, TaxProf Blog reports. “But the exchange rate is quite onerous—200 points are needed for each $1 in taxes,” the blog says.
