Court orders arrest of KAPA founder — SEC
MANILA, Philippines — A court in Surigao del Sur ordered the arrest of KAPA-Community Ministry International founder Joel Apolinario, the Securities and Exchange Commission said.
In a release Wednesday, SEC said that Bislig City, Surigao del Norte Regional Trial Court Branch 29 issued warrants of arrest against Apolinario for a case of violation of Republic Act 8799 or the Securities Regulation Code.
Others ordered arrested were:
- KAPA Trustee Margie Danao
- KAPA Corporate Secretary Reyna Apolinario
- Promoter Marisol Diaz
- Promoter Aldelfa Fernandico
- Promoter Moises Mopia
- Promoter Reniones Catubigan
“The DOJ has accused KAPA of ‘wilfully, unlawfully and criminally’ engaging in the selling or offering for sale or distribution of securities in the Philippines without registration statement duly filed with and approved by the SEC,” the statement read.
The SEC accused KAPA founder and president Joel Apolinario and several of its officials of "perpetrating an investment scam" that is in violation of the Securities and Regulation Code.
“The Commission found KAPA to have enticed the public to ‘donate’ at least P10,000 in exchange for a 30% monthly ‘blessing’ or ‘love gift’ for life, without having to do anything other than invest and wait for the payout,” the SEC said in a statement.
The SEC also said that KAPA has employed a Ponzi scheme, a program that would offer “impossible high returns and pays investors using the money contributed by other investors.”
State prosecutors indicted KAPA in September 29 and affirmed SEC’s findings. — Kristine Joy Patag
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