Civil Litigation
Jul. 2, 2021
Defunct Paragon Coin must pay $12.5M to defrauded investors, judge says
The lawsuit alleged that now-defunct Paragon Coin violated securities laws during its 2017 initial coin offering of “PRG tokens,” which was represented as a digital currency for the cannabis industry that raised $70 million. It failed to register the coin sale with the Securities and Exchange Commission.
A federal judge in Oakland ordered Paragon Coin and its executives on Thursday to pay $12.1 million for defrauding investors who bought coins to be used in the cannabis industry during the company's initial coin offering.
U.S. District Judge Jeffrey S. White entered default judgment in favor of a class of plaintiffs suing Paragon Coin, founders Jessica VerSteeg and Eg...
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