The CEO of 1Point Solutions is alleged to have stolen hundreds of thousands of dollars from client 401K and retirement accounts for his own personal use. 1Point provides and administers 401k and retirement plans for companies.
The revelations make clear that the estimated 40,000 people with retirement or other types of benefits managed by 1Point will not receive checks for what they are owed any time soon, McLemore said.
According to court documents that McLemore filed Tuesday, employee 401(k) money and other funds coming to 1Point from about 40 companies among its 700 clients were at times co-mingled in a single "1Point 401K" account at Fifth Third Bank.
Employee 401(k) funds were then used to pay Stokes' business and personal expenses...