American Rapper The Game Faces Multi-Million Lawsuit Over Scam ICO Scheme

[Henrikbliss]

Popular US rapper The Game has been slapped with a lawsuit for promoting a Cannabis-focused crypto company called ParagonCoins. The Blast has reportedly obtained court documents related to the case, which mentions “unspecified damages” that could likely be worth several million dollars.

The plaintiffs moved to court in January for a class action lawsuit against ParagonCoins, but an amended complaint was filed on June 22. The lawsuit claims that the company fraudulently advertised as a revolutionary business claiming to change the weed industry altogether.

According to its website, ParagonCoin claims that it creates a “path towards legalization of cannabis and a way to solve nearly every issue facing the cannabis industry.” The company had also claimed to “Track every stage of cannabis cultivation, from the purchasing of seeds all the way down the line to the dispensary selling the final product to consumers.”

However, the cannabis-crypto company never fulfilled any of the promises, but instead, allegedly used investor’s funds to purchase real estates.

The plaintiffs added The Game as a defendant in the case as he allegedly used his influence and fame to promote the fraudulent ICO.  The lawsuit considers both the defendant parties’ actions as violations of the law and placed an injunction on both, an order for the recession of the plaintiffs’ investments and accounting of all funds that entered the company.

The rapper, who just lost a $20 million sexual assault suit against Viacom this month, faces more legal trouble as he is listed as a member of the advisory board of Paragon. If that is indeed the case, he can be held partially responsible for this defrauding of investors.

Read More: https://news.bitzamp.com/american-rapper-the-game-hits-with-multi-million-lawsuit-over-involvement-in-fraudulent-ico/