The SEC said that ParagonCoin Limited violated securities laws by failing to submit the required periodic reports.
ParagonCoin, the crypto startup of American rapper Jayceon Terrell Taylor, better known as The Game, has been licensed by the SEC. The license of ParagonCoin Limited, a crypto firm focused on the marijuana industry, was revoked after the allegations against the company were verified and the firm was found to be in default. The SEC began proceedings against the company in February of 2022. According to the report reported by the SEC, ParagonCoin lost over $10 million in 2018.
The Company Has Breached The Law Before
The SEC said it ignored the letter of default on periodic reports filed by the company’s SEC division. In addition, the SEC pointed out that the crypto startup did not respond to the order to initiate a transaction in February 2022 and did not provide a reason why it should not default five months later.
Taylor and the team’s other executives were jointly liable for just over $12 million in a 2021 class action lawsuit. The lawsuit alleges that the startup violated securities law in making an initial token offering of $70 million in 2017.
Besides that, while The Game didn’t succeed in crypto, Snopp Dogg became the face of Web3. The legendary rapper announced multiple partnerships in the Web3 space and was recently announced as the co-founder of a Web3 live streaming platform called Shiller.
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