John R. Boyd, and Christopher Curbello

LITIGATION RELEASE NO. 18176 / June 5 , 2003

Securities and Exchange Commission v. John R. Boyd, and Christopher Curbello, Case No. 02-80726-CIV-Judge Hurley (S.D.Fla.). (filed August 1, 2002)

FORMER GOLDEN BEAR GOLF, INC., EXECUTIVE PLEADS GUILTY IN FEDERAL SECURITIES FRAUD CASE

On June 4, 2003, the United States Attorney for the Southern District of Florida announced that Christopher Curbello pled guilty before United States District Judge Daniel T.K. Hurley in West Palm Beach, Florida to Count One of the Indictment charging Curbello with conspiracy to commit securities fraud, a violation of Title 18, United States Code, Section 371.

Previously, on August 1, 2002, the Commission filed fraud charges against Curbello and co-defendant John Boyd in the United States District Court for the Southern District of Florida. Boyd is the former president of Paragon Construction International, Inc., which was a wholly owned subsidiary of Golden Bear Golf, Inc. Curbello was Paragon's vice president for operations. The Indictment and the Commission's civil complaint allege that Boyd and Curbello artificially inflated and accelerated Paragon's revenue and gross margin recognition by misrepresenting the true status of its construction contracts, causing Golden Bear to file false and misleading financial statements for its 1997 fiscal year and for the first quarter of 1998. The Commission's civil action is pending.

Curbello's sentencing is scheduled for August 22, 2003, at 2:30 p.m. before Judge Hurley. Curbello faces a maximum term of incarceration of 5 years.

See also Litigation Release No. 17648 (August 1, 2002) and Litigation Release No. 18042 (March 19, 2003).