The SEC continues to make moves on company executives that have allegedly misused corporate funds or reported false revenues or profits.
In a federal indictment unsealed Tuesday, it appears that two former executives with Jack Nicklaus Golden Bear Golf Inc. now face securities-fraud charges that they falsely reported millions of dollars in revenue.
John R. Boyd and Christopher Curbello, the former president and vice president of a defunct subsidiary of Golden Bear Golf, already were the targets of a SEC civil lawsuit alleging they inflated their company’s revenue by at least $25 million.
The Feds arrested Boyd early Tuesday in Bogota, Colombia. Curbello was arrested Friday in San Antonio.
The two men headed Paragon Construction Inc., which built golf courses. Golden Bear management discovered accounting irregularities and informed authorities.
Boyd and Curbello have been charged with conspiracy to commit securities fraud, securities fraud, falsifying records and causing false filings to be made with the SEC. If convicted, they could each be sentenced to up to 35 years in prison and hit a $3.25 million fine.
>>> Another example of a company moving to protect its shareholders, without putting brand first…
