UPDATE (18th August 22:10 BST): This story has been updated with additional information.
Carlos Garza, according to a 14th August filing, has allegedly refused to comply with a SEC subpoena in connection with its long-running investigation into GAW Miners and CEO Josh Garza. The law enforcement agency is investigating whether GAW violated securities law through the sales of its Hashlet mining products as well as the sales of the cryptocurrency paycoin.
The SEC is also investigating whether the company operated a Ponzi scheme.
According to the filing, Carlos Garza – the brother of GAW CEO Josh Garza who was primarily involved in the sales of mining products and paycoin to investors – appeared to give testimony on 12th August but refused to answer questions.
Investigators want to question him, the filing states, because of his knowledge of the company’s inner workings and the process by which it sold Hashlets and paycoins. Garza was sent an initial query letter on 30th July.
The filing notes:
“The Commission subpoenaed Garza to testify on Wednesday, August 12,