Paragon Coin, The Game Liable for $12 Million in Securities Suit

Paragon Coin Inc., its founders and executives, and rapper Jayceon Terrel Taylor—better known as The Game—have been ordered to pay $12.1 million after a federal district court entered default judgment in favor of class plaintiffs in a securities suit.

The lawsuit alleged that Paragon, now bankrupt, defrauded thousands of U.S. investors who purchased digital “PRG tokens” during the company’s 2017 initial coin offering.

The judgment was entered by the U.S. District Court for the Northern District of California Thursday, after granting plaintiffs’ motion for default judgment against Paragon Coin, founders Jessica VerSteeg and Egor Lavrov, executives Eugene “Chuck” Bogorad, Alex ...