Republican Caucus Returning Contribution From 1Point

Wednesday, October 11, 2006

The Tennessee Republican Caucus said it is returning a campaign contribution from the 1Point firm that is currently in bankruptcy.

The Hamilton County Schools are among apparent victims of the firm and are on the hook for $100,000.

The group said in a statement:

"The Tennessee Republican Caucus recently found that we received a political contribution of $1,000 on January 8, 2003, from a Political Action Committee named 1Point PAC which made various federal, state, and local political contributions. The Tennessee Republican Caucus is a Joint Caucus comprised of both the Senate Republican Caucus and the House Republican Caucus.

"A review of available political contribution disclosures shows that virtually all contributions to 1Point PAC were made by Barry Stokes, treasurer of 1Point PAC and owner of 1Point Solutions, or by one of the business entity predecessors of 1Point Solutions which Stokes controlled since 2001. These contributions from 1Point PAC are among more than $158,441 in contributions associated with Barry Stokes from 2001, when he first acquired 1Point, until the most recent disclosure reporting period.

"Recent news coverage and at least four ongoing legal proceedings allege that there may be missing retirement funds which may have been diverted from 401(k) plans held in trust by 1Point Solutions.

"Because of the very real possibility that the Tennessee Republican Caucus may have received money stolen from these pension funds, Republican Leadership has placed that political contribution money in escrow to be returned to its rightful owners subject to the determination of Federal Court.

"Our Caucuses want no part in receiving stolen pension funds - or any other stolen money or goods for that matter.

"A Trustee, either in Bankruptcy Court or in one of the Courts hearing the ongoing civil and possibly criminal cases, has been or will be appointed to determine what happened to any missing funds and to whom any funds that can be recovered should be returned. We wish to do our part in assisting them in recovering any such funds.

"Our Caucus has a demonstrated history of doing the right thing, such as asking and encouraging members to resign when they are indicted for corruption and returning money later determined to have come from a truly questionable source. We plan to continue this tradition.

"We urge everyone who has received contributions from Stokes and/or 1Point PAC to do the right thing and place any funds in escrow so that those funds also are available to be returned to the rightful owners pending action in Federal Court."


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