(Eagle News)–The Securities and Exchange Commission on Tuesday, June 18, filed criminal charges against Kapa-Community Ministry International, Inc. for allegedly operating a Ponzi scheme.
Charged for violation of Republic Act No. 8799, or the Securities Regulation Code, before the Department of Justice were Kapa founder and president Joel A. Apolinario, trustee Margie A. Danao and corporate secretary Reyna L. Apolinario.
Also charged were Marisol M. Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista and Rene Catubigan for p allegedly promoting the investment scam.
According to the SEC, it will name more respondents “as it identifies other persons who have participated in the unlawful public offering and/or selling of securities by KAPA.”
In charging the individuals, the SEC said it found KAPA “to have enticed the public to “donate” at least P10,000 in exchange for a 30% monthly “blessing” or “love gift” for life, without having to do anything other than invest and wait for the payout.”
The SEC issued an advisory against Kapa in March 2017, and issued a cease and desist order on February 14.
It ordered the nonstock corporation’s registration revoked on April 3.
The Court of Appeals issued a freeze order against Kapa’s assets and bank accounts on June 4.
