Court orders arrest of KAPA execs
MANILA, Philippines — The regional trial court of Bislig City in Surigao del Sur has ordered the arrest of officials of Kapa Community Ministry International Inc. for investment fraud charges.
The court issued the arrest warrants for KAPA founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario as well as promoters Marisol Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan.
The Department of Justice (DOJ) filed criminal charges last year against KAPA officials for violation of Republic Act 8799 or the Securities Regulation Code.
The DOJ accused the KAPA officials of “willfully, unlawfully and criminally” engaging in the selling or offering for sale or distribution of securities without a registration statement duly filed with and approved by the Securities and Exchange Commission.
The SEC found KAPA to have enticed the public to invest at least P10,000 in exchange for a 30 percent monthly ”blessing” or ”love gift” for life.
It said KAPA employed a Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.
The DOJ affirmed the findings of the SEC through a resolution issued on Sept. 25.
SEC chairperson Emilio Aquino said the cases should serve as a warning to other perpetrators of investment scams.
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