The Department of Justice (DOJ) has recommended the filing of criminal charges against Kapa-Community Ministry International and its key officials for perpetrating a Ponzi scam.
In a resolution issued on Sept. 25, state prosecutors found probable cause to charge KAPA, its founder and president Joel Apolinario, trustee Margie Danao and corporate secretary Reyna Apolinario with multiple violations of the Securities Regulation Code (SRC).
The DOJ also indicted Marisol Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan for promoting and participating in the unlawful public offering and sale of securities by KAPA, the Securities and Exchange Commission said in a press statement on Tuesday, Oct. 22.
The SEC, which had filed a criminal complaint against KAPA in June, described the group as perpetrator of the Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.
KAPA has enticed members of the group to invest at least P10,000 in exchange for a 30 percent monthly “blessing” or “love gift” for life, without having to do anything other than give money and wait for the payout.
“The indictment of KAPA along with its founder, officers and promoters is an affirmation of our unwavering commitment to championing investors and tackling abuses in the corporate sector,” SEC chair Emilio Aquino said.
“This should also serve as a stern warning against other groups engaging in unlawful investment-taking activities and other predatory practices to the detriment of the investing public,” he said./TSB