KAPA Founder, Officers To Be Arrested For Investment Fraud

KAPA Founder, Officers To Be Arrested For Investment Fraud

Arrest warrants have been issued for the founder and key officers of Kapa on charges of investment fraud.

The arrest warrants have been issued by a court in Bislig City, Surigao del Sur yesterday.

Kapa Community Ministry International founder Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario, and alleged promoters Marisol Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan are among the persons named in the criminal charges filed by the court.

Earlier this month, the Department of Justice (DOJ) had formally filed criminal charges against officers and promoters of the Kapa-Community Ministry International Inc. (KAPA) over the group’s illegal investment scheme.

The DOJ found that the organization had violated the Republic Act No. 8799 or the Securities Regulation Code. Promoters are also in violation of Section 26.1 of the code for falsely advertising the scam as an investment.

Last year, the Securities and Exchange Commission (SEC) had ordered the company to stop selling securities and investment contracts until they get approval from the Commission.

KAPA has repeatedly claimed that it is a religious group with members offering donations to the organization in exchange for a 30 percent monthly return.

[Source 1,2]

Read More: Top 5 Biggest Financial Scams In The Philippines

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