Deposed 1Point founder trying to help

1Point Solutions founder Barry Stokes tries reassuring clients about transition

Email | Print By Richard Lawson

As the wheels come off Dickson-based employee benefits advisor 1Point Solutions, its founder Barry Stokes appears to be helping former clients make a transition to other employee benefits administrators.

In an e-mail to one client, a copy of which was obtained by NashvillePost.com, Stokes writes: “I am working earnestly to make certain that all accounts will be serviced promptly.” He said the goal is “seamless transition” by tomorrow.

The transition involves flexible spending accounts his company administered. Last week, clients were stuck and couldn’t get access to accounts but some are getting access they need. The Tennessee Board of Regents, for example, got its data from MBI, a company handling account access for 1Point. Bob Adams, TBR’s vice chancellor for business and finance, said late yesterday afternoon that 2,600 employees statewide had the flexible spending accounts.

Adams said an emergency contract would be awarded and then a new request for proposal will be issued. “We have no service right now,” he said. Metro has taken the same course. Both were with 1Point for less than a year.

There still is the question of the 401K accounts several companies have accused him of pilfering. As first reported by NashvillePost.com, Smyrna-based Beck/Arnley Worldparts Corp. sued first and ignited more lawsuits as well as other 1Point customers investigating their relationship with the company.

Attorneys for companies that have sued Stokes and 1Point took Stokes’ deposition late last week. He had tried to get relief from the deposition, but Magistrate Judge E. Clifton Knowles didn’t grant it. Stokes invoked his Fifth Amendment right against self-incrimination on every topic except his name and other personal information.

Kevin Sharp and Elliott Jones of Drescher & Sharp in Nashville are now representing 1Point in the legal cases, while attorney Paul Buchanan of Round Rock, Texas represents Stokes individually.