It's a yes/no question, but it's far from simple. To me, this is similar to the question of whether or not Pete Rose should still be in the MLB Hall of Fame. If something is meant to honor someone's accomplishments, those accomplishments are not affected by later events or revelations. But if it's meant to honor the person, and that person has been disgraced, then that's a different matter.
Joe Paterno, to many, was the Penn State football program. They were an amazing, well-oiled machine for many years, and that was all his doing. People are saying that he did this while turning a blind eye to crimes happening right under his nose, and that somehow invalidates his accomplishments as a coach. No. But if Joe the person is no longer the man they wish to honor with the statue, then they should take it down.