A court has ordered the removal of a Farmington construction company's CEO from his role as trustee of the company's employee stock ownership plan after he was accused of misusing $300,000 in employee retirement funds.
FARMINGTON — A federal court in Utah has ordered the removal of a Farmington construction company's CEO from his role as trustee of the company's employee stock ownership plan after he allegedly misused $300,000 in employee retirement funds.
Knowlton is accused of using more than $300,000 in the company stock ownership plan's employee retirement funds to pay company business expenses. The plan had one checking account at the Bank of Utah until February 2020, when the plan was forced to close that account. The complaint states that Knowlton deposited $11,250.95 into an Ascent Construction operating account at Sunwest Bank.
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