MANILA, Philippines — The Securities and Exchange Commission has raised the red flag on the supposed revival of the Kapa-Community Ministry International (KAPA).
KAPA is one of the biggest investment scams in recent years, SEC chairman Emilio Aquino said.
The SEC raised concern over various posts on social media saying KAPA would soon relaunch its operations under the name KAPA Worldwide Ministry Association.
KAPA Worldwide Ministry Association is not registered either as a corporation or as a partnership. It also has no secondary license to solicit investments from the public, the SEC said.
“KAPA could have not successfully registered another corporation, given its history of defrauding investors and a pending criminal complaint against it and its officers and promoters. KAPA was formerly registered as a non-stock corporation.”
On April 3, the SEC revoked the certificate of incorporation of KAPA for “serious misrepresentation of what it was doing or could do to the great damage or prejudice of the public.”
On June 18, the SEC also filed a criminal complaint against KAPA, its founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario and other promoters of the investment scam.
KAPA was found to have solicited investments from the public without securing a secondary license.
“Under its scheme, KAPA enticed the public to “donate” money in exchange for a 30 percent monthly ‘blessing’ or ‘love gift’ for life, without having to do anything other than invest and wait for the guaranteed return,” the SEC said in its advisory.
Aquino said KAPA’s investment model was not sustainable.
Section 8 of Republic Act 8799 or the Securities Regulation Code (src), provides that “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission.”