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Boyd sentenced to five years on fraud charges

11/7/2003

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.