No, that's not right.
Failure TO PAY (not "in paying") will lead to [your] prosecution.
It won't lead to you prosecuting someone else, as "will lead you to prosecution."
And, as has already been discussed, the "your" is optional, but without it, it's a general rule. With it, it applies directly to you personally. Since your original sentence also had "you," it could be okay, but without the "your" is generally better.