The Game is reportedly facing a $12 million judgment for his role in Paragon Coin Inc — a crypto firm alleged to have engaged in an unregistered initial coin offering (ICO) four years ago.
According toCoin Telegraph, Game publicly endorsed Paragon Coin ICO in 2017 and is now considered a team member and “statutory seller.”
The company marketed the PRG tokens as a currency for the cannabis industry and raised $70 million between April 15 and October 15, 2017. When the plaintiffs initially filed a complaint in 2018, a judge determined they failed to clearly explain the firm had employed Game.
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But following an amended complaint, United States Federal District Judge Jeffrey S. White noted the plaintiffs have now provided sufficient evidence to show Game “acted for his own gain or for Paragon’s gain” in a California court on Wednesday (June 23). The Game is now liable for $12 million plus pre-and post-judgement interest.
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It’s unclear how or if Paragon would even pay back the money owed to investors. The founders have allegedly declared bankruptcy and reportedly fled the United States.
Game is already on the hook for over $7 million, stemming from a sexual battery lawsuit filed by former She Got Game contestant Priscilla Rainey.
Rainey took Game to court in 2016 and the trial ended with a federal jury ordering him to pay Rainey $7.1 million out of the $10 million she was originally seeking. Rainey was awarded a default judgment after The Game didn’t respond to the initial suit. He said he wasn’t properly served the papers for the case and was in the Netherlands at the time of the hearing.
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In 2017, he filed a $20 million negligence lawsuit against Viacom — VH1’s parent company — but lost.
