Golf Exec Sentenced for Fraud

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WEST PALM BEACH, Fla. -- A former executive of a defunct construction company owned by Jack Nicklaus' Golden Bear Golf Inc. was sentenced to 3 years in prison Friday.
 
Christopher Curbello pleaded guilty to federal securities fraud charges on June 4. His co-defendant, John R. Boyd, also pleaded guilty and will be sentenced on Nov. 7.
 
The men are former executives at Paragon Construction International Inc., which was based in North Palm Beach. Boyd was president and Curbello vice president of operations at Paragon from January 1997 to April 1998, when they were fired.
 
The men falsified records to hide losses, according to a Securities and Exchange Commission lawsuit filed against them last year in federal court. The discrepancies led to Golden Bear overstating its construction revenue by at least $25 million, or 85 percent, in 1997, according to the lawsuit.
 
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.
 
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