Tennessee officials have pulled the insurance and securities licenses of the chief executive officer of a benefits company, claiming he held money for various clients and cannot account for those funds.
Tennessee Department of Commerce and Insurance Commissioner Paula A. Flowers relieved Barry Stokes, CEO of 1 Point Solutions, of his securities agent registration and producer license.
While Stokes admitted no violation of the law, he agreed to the revocation to avoid further administrative action, according to state officials.
1 Point Solutions is a benefits firm providing services for retirement and 401K plans, flexible spending account, health savings accounts and health reimbursement arrangements. Those business activities did not require licensure by the department. The department encourages those who are concerned about the status of funds that were held by 1 Point Solutions to contact the bankruptcy trustee.
A copy of the consent order can be found on TDCI’s website at www.state.tn.us/commerce.
Source: www.state.tn.us
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