Popular American rapper and actor Jayceon Terrell Taylor widely called The Game is presently facing $12 million charges for allegedly promoting a prohibited preliminary coin offering (ICO).
According to a just recently amended official filing, he had actually promoted the unregistered token sale of Paragon Coin, a tech business that came under regulatory examination earlier in 2017.
The Paragon Coin Saga
Paragon promoted itself as a cryptocurrency business that would use the power of blockchain technology to promote the cannabis market.
To drive market interest, the business had hired the American rap artist, who openly promoted the PRG tokens on his social media handles.
Standing with Paragon’s CEO and former design, Jessica Versteeg, The Game stated in a tweet back in 2017 that Paragon was “preparing to transform marijuana and the world.”
The ICO was a substantial success as it raised an overall of $70 million from financiers between April 15 to October 15, 2017.
Nevertheless, in 2018 a financier in the company, Astely Davy filed a lawsuit versus Paragon for conducting an unregistered securities sale, firmly insisting that the business should be forced to refund ICO participants as it was not registered with the U.S. Securities and Exchange Commission (SEC).
Following the filing, the SEC purchased Paragon and its executives to reimburse all of their financiers since the job failed to abide by federal securities law in the U.S.
. The Game’s involvement stayed unverified in the beginning, which is why he was not prosecuted. However, due to recent occasions, the United States Federal District Judge Jeffrey S. White exposed in the changed problem that the court had received sufficient incriminating evidence versus him.
According to the Judge, the rapper had “acted for his own gain or for Paragon’s gain” and therefore, will now be thought about a member of the project.
He also added that The Game is now responsible with the business and its executives in a $12 million prejudgment and post-judgment interest.