Boyd sentenced to five years on fraud charges
WEST PALM BEACH, Fla. -- The former president of a defunct construction company owned by Jack Nicklaus' Golden Bear Golf Inc. was sentenced Friday to five years in prison for securities fraud.
John R. Boyd and co-defendant Chris Curbello, who was vice president of Paragon Construction International Inc., pleaded guilty to federal securities fraud charges.
Boyd was sentenced in federal court by U.S. District Judge Daniel T. K. Hurley. Curbello was previously sentenced to 3½ years in prison.
The men were accused of falsifying records to hide losses, according to a Securities and Exchange Commission lawsuit filed against them last year.
The discrepancies led to Golden Bear overstating its construction revenue by at least $25 million, or 85 percent, in 1997, according to the lawsuit. The men were fired in April 1998.
Golden Bear had to restate its earnings in 1998, causing the price of Golden Bear stock to drop significantly. Shareholder losses exceeded $49 million, according to the U.S. Attorney's office.
Copyright 2003 by The Associated Press