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Executives of defunct construction company charged

MIAMI -- Two former executives of a defunct construction
company owned by Jack Nicklaus' Golden Bear Golf Inc. are facing
federal securities fraud charges.

If convicted, Christopher Curbello and John R. Boyd face up to
35 years in prison and a $3,250,000 fine.

Last year, the Securities and Exchange Commission filed suit
against them in U.S. District Court, charging they falsified
records to hide losses.

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 the were fired.

Curbello was arrested Friday in San Antonio and is scheduled to
have a pretrial hearing there Thursday. Boyd was arrested Tuesday
in Bogota, Colombia and will appear in federal court in West Palm
Beach on Wednesday, according to the U.S. Attorney's Office.

It could not be determined Tuesday if either man has hired an
attorney.

As a subsidiary of Golden Bear, Paragon's overblown earnings and
understated losses figured into the parent company's financial
statements. It resulted in an inaccurate and misleading financial
picture for Golden Bear, overstating its construction revenue by at
least $25 million, or 85 percent, in 1997, according to the
lawsuit.

Golden Bear eventually had to restate its financial results.
Shareholders sued the company in 1998. At the time, Golden Bear
blamed the situation on a former Paragon manager who had falsified
records, hiding nearly $22 million in losses.

Golden Bear ceased being a publicly held company in 2000.