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The Department of Justice (DOJ) has filed criminal charges against Kapa-Community Ministry International (KAPA), its founder and officers in various courts after being tagged by the Securities and Exchange Commission (SEC) as a perpetrator of investment fraud.
KAPA has been accused of perpetrating a Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.
In a filing at Bislig City Regional Trial Court (RTC) branch 29, the DOJ accused KAPA of “willfully, unlawfully and criminally” engaging in the selling or offering for sale or distribution of securities to the general public without a registration statement duly filed with and approved by the SEC.
The DOJ also charged KAPA founder and president Joel Apolinario, trustee Margie Danao and corporate secretary Reyna Apolinario of violating Sections 8(8.1), 26.1 and 28 of the Securities Regulation Code (SRC).
Also indicted were KAPA promoters Marisol Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan for violation.
The DOJ further charged Diaz before the Rizal Regional Trial Court for violation of Section 28. It filed similar charges against Mopia and Fernandico with the Quezon City Regional Trial Court Branch 93.
So far, the SEC has verified that a warrant of arrest had been issued by the Quezon City RTC on December 2, 2019 against Fernandico, the SEC said in a press statement on Thursday.
“We are committed to see the criminal proceedings against KAPA through to the end,” SEC chair Emilio Aquino said. “We will pursue everyone involved in the investment scam that played havoc with the future of our fellow Filipinos, including those who continue to attempt to perpetuate it.”