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A Cagayan de Oro court has issued a warrant of arrest for syndicated estafa, a non-bailable offense, against Joel Apolinario, founder and president of Kapa-Community Ministry International (KAPA), and his cohorts.
The Cagayan de Oro City Regional Trial Court Branch 21 on February 18 issued the warrant of arrest against Apolinario, along with eight other people connected to KAPA, for syndicated estafa. The other respondents are Junnie Apolinario, Maria Pella Sevilla, Cristobal Barabad, Nonita Urbano, Nelia Nino, Jouelyn Del Castillo, Joji Jusay and Albert Buhangbuhang.
KAPA had been selling securities to the public without the necessary license and in a manner resembling a Ponzi scheme, an investment fraud which lures investors with promises of high financial returns or dividends. In such a scheme, the operator pays the initial disciples by the amount invested by subsequent investors while bulk of the investment remains with the proponent or operator, according to the Securities and Exchange Commission (SEC).
Based on the SEC’s findings, KAPA 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.