THE Securities and Exchange Commission (SEC) on Wednesday, October 3, has issued a public advisory against KAPPA Community Ministry International Inc. that allegedly solicits investments from the public in exchange of a promised big returns.
In its advisory, the commission said KAPPA is registered with SEC as a non-stock corporation on March 3, 2017 with office address at Galay Arcade, Barreda Street, Caramcam District, Bislig City, Surigao del Sur.
However, based on the records of the commission, said entity is not authorized to solicit investment as it requires a secondary license to do so as provided under the Securities Regulations Code (SRC).
The SEC said it has received information that KAPPA, which is operating in Mindanao particularly in Pangyan Glan and Alabel, Saranggani Province; Bislig City, Surigao del Sur; General Santos City, South Cotabato; is offering insurance to the public to invest in their company with a promised 30 percent interest income at the end of the month.
The advisory said that a certain group being represented by a certain Pastor Jun Apolinario and/or Joel Apolinario is enticing the public to invest with a promise of 30% interest every month until forever in the guise and/or scheme of a "Deed of Donation" or Certificate of Membership."
"Section 28 of the SRC prohibits any person from engaging in the buying or selling of securities in the Philippines as a broker or dealer unless registered as such with the commission," the advisory said.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable.
The commission has advised the public to stop investing in said investment activity and to take necessary precautions in dealing with the said entity or its representatives.
In March 8, 2017, the commission has issued an advisory against KAPPA (Kabus Padatoon) founded by a certain Joel Apolinario for allegedly engaging in similar investment scheme.
The SEC-Northern Mindanao is also checking whether said entity has already reached Cagayan de Oro City and other areas in the region.
"According to the reports reaching us, they have presence in Bukidnon and Pagadian already. No reports yet in Cagayan de Oro," SEC-Northern Mindanao director Renato Egypto said.