Barry R. Stokes, CEO of 401(k) plan administrator 1 Point Solutions, was indicted by a federal grand jury in Nashville, Tenn., with embezzling more than $15 million from plans the company managed, according to a news release from the Nashville U.S. Attorneys Office.
Mr. Stokes, who was indicted May 10 on 78 counts and is also facing fraud and money-laundering charges from a previous indictment on Nov. 8, used the stolen money for Japanese art; real estate in Dickson, Tenn., and Austin, Texas; political campaign contributions; and psychic readings, among other purposes, according to the indictment.
Mr. Stokes is currently under federal custody in a Nashville jail, assistant U.S. Attorney Courtney D. Trombly said in an interview. 1 Point Solutions is currently in Chapter 11 bankruptcy protection, Ms. Trombly said.
David Baker, Mr. Stokes attorney, said Mr. Stokes has entered a plea of not guilty on all charges.