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Arrest order out for Kapa head, 6 more

/ 05:38 AM February 13, 2020

KAPA Leader Joel Apolinario

MANILA, Philippines — A local court in Surigao del Sur has ordered the arrest of the founder of the religious organization Kapa-Community Ministry International,  along with six others officers and promoters, for what securities regulators tagged as a Ponzi-type investment fraud.

The Regional Trial Court  (RTC) in Bislig City issued on Feb. 11 warrants of arrest against 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.

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Kapa was accused of “willfully, unlawfully and criminally” engaging in the selling or offering for sale or distribution of securities in the country without a registration statement duly filed with and approved by the Securities and Exchange Commission (SEC).

Resolve to stamp out scams

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“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,” SEC chair Emilio Aquino said in a press statement on Wednesday.

Based on the SEC’s findings, Kapa had engaged in a Ponzi-like scheme that promises fantastic returns by enticing 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.

Kapa, along with the Apolinarios and Danao, were charged with violating Sections 8 (8.1), 26.1 and 28 of the Securities Regulation Code (SRC). Also indicted were Diaz, Fernandico, Mopia and Catubigan for violating Section 26.1 of the SRC, for promoting the investment scam.

Diaz was charged before the Antipolo RTC of violating Section 28 of the SRC.  Similar charges were filed against Mopia and Fernandico at the Quezon City RTC Branch 93.

The SEC also reminded the public to exercise caution and discernment as some supporters and promoters of Kapa continue to peddle false information about the group’s supposed revival.

—With a report from Jigger J. Jerusalem

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TAGS: investment fraud, Joel Apolinario, KAPA, Ponzi scheme
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