CEO Indicted For ERISA Embezzlement

Law360, New York (May 11, 2007, 12:00 AM EDT) -- The owner of a bankrupt company that administered employee benefit plans has been indicted for embezzling $15 million in retirement funds, which prosecutors say he used to buy real estate and art, pay company overhead costs and throw lavish fund-raising parties.

Barry Stokes, one-time owner and chief executive of the bankrupt 1 Point Solutions LLC, was indicted on 78 counts, including 21 counts of mail fraud, 11 counts of wire fraud, 11 counts of money laundering and four counts of criminal contempt.

He was also indicted...
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