AUTHORITIES are on the hunt for the founder, key officers and promoters of the Kapa-Community Ministry International, after arrest warrants were issued by a local court last February 11.
The Bislig City Regional Trial Court Branch 29 issued warrants of arrest against Kapa founder and president Joel Apolinario, Kapa Trustee Margie Danao and Corporate Secretary Reyna Apolinario, along with promoters Marisol Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan, for investment fraud charges.
The warrants of arrest were issued after the Department of Justice (DOJ) filed criminal charges against Kapa for violations of Republic Act 8799 or the Securities Regulation Code (SRC).
"It is about time that the people behind Kapa answer the criminal charges filed against them," Securities and Exchange Commission (SEC) Chairperson Emilio Aquino said.
"May this serve as a reiteration of the Commission's resolve to stamp out investment scams and shield the investing public from fraud and other abuses in the corporate sector," he added.
The Commission continues to remind the public to exercise more caution and discernment as certain supporters and promoters of Kapa peddled false information about the group's supposed revival.
According to the SEC, the DOJ has accused Kapa of "willfully, unlawfully and criminally" engaging in the selling or offering for sale or distribution of securities in the Philippines without a registration statement duly filed with and approved by the Commission.
The DOJ charged Kapa, along with Joel, Reyna and Danao of violating Sections 8, 26.1 and 28 of the SRC. It also indicted Diaz, Fernandico, Mopia, and Catubigan for violation of Section 26.1 of the SRC for promoting the investment scam.
Last June 18, 2019, the SEC filed a complaint against Kapa for the unauthorized sale or offering for sale or distribution of securities to the general public.
The Commission found Kapa to have enticed the public to invest at least P10,000 in exchange for a 30 percent monthly return for life, without having to do anything other than invest and wait for the payout.
It was also found that Kapa had employed a Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by later investors.
In a resolution issued on September 25, 2019, the DOJ found probable cause to bring charges against Kapa, affirming the findings of the SEC.