TDCI Revokes Licenses of 1 Point Solutions CEO Barry Stokes
Commissioner Paula A. Flowers announced today that she has revoked the insurance producer license and securities agent registration of 1 Point Solutions CEO Barry Stokes.
The order revokes the two professional licenses issued to Stokes by the Department. The order was based on the Commissioner’s finding that Stokes, as CEO of 1 Point, held money for various clients and can not account for those funds currently. The order finds that Stokes violated insurance and securities laws of Tennessee, supporting revocation of Stokes’ professional licenses.
While Stokes admitted no violation of the law, he agreed to the revocation to avoid further administrative action to revoke his licenses.
1 Point Solutions was 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 to contact the bankruptcy trustee.
A copy of the Consent Order can be found on TDCI’s website at www.tennessee.gov/commerce.