DOJ pushes criminal raps vs KaPa founders

THE Department of Justice has recommended the filing of criminal charges against Kapa-Community Ministry International, its founder and president, trustee, corporate secretary and promoters for their alleged Ponzi schemes.

In a resolution issued on September 25, 2019, state prosecutors found probable cause to charge KAPA, its founder and president Joel A. Apolinario, trustee Margie A. Danao and corporate secretary Reyna L. Apolinario for violations of Securities Regulation Code.

The DOJ also indicted Marisol M. Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan for promoting and participating in the unlawful public offering and/ or selling of securities by KAPA.

The SEC filed a criminal complaint

against K APA before the DOJ on June 18, after uncovering the group’s unauthorized investment-taking activities.

KAPA had enticed the public to invest at least P10,000 in exchange for a 30-percent monthly blessing or love gift for life, without having to do anything other than invest and wait for the payout.

The SEC also found KAPA to have employed a Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.

The agency, through the Anti-Money Laundering Council (AMLC), also obtained a freeze order from the Court of Appeals on

June 4 to preserve assets linked to KAPA.

“The indictment of KAPA along with its founder, officers and promoters is an affirmation of our unwavering commitment to championing investors and tackling abuses in the corporate sector,” SEC Chairman Emilio B. Aquino said.

“This should also serve as a stern warning against other groups engaging in unlawful investment-taking activities and other predatory practices to the detriment of the investing public,” he said.

“The indictment of KAPA along with its founder, officers and promoters is an affirmation of our unwavering commitment to championing investors and tackling abuses in the corporate sector.”—Aquino