Nah it isn't, Unless you are a millionaire or some other big personality, you can do nothing if a person registers yourname.com and puts crap on it
If paypal is funded via card contact bank and say transaction if fruad and tell them to chargeback it he will lose the money and your get it back.
go to a library and set up a blogger.com account and defame away. google wont remove it unless the guy gets a court order and sends it to google.