Mindanao Times

DOJ tells SEC: Respond to claims of to Kapa execs


MANILA – The Department of Justice (DOJ) ordered the Securities and Exchanges Commission (SEC) to reply to the counteraff­idavits filed by the firm’s officials led by founder and president Joel Apolinario in connection with the charges it filed against the respondent­s.

During the continuati­on of the hearings on Monday, the panel of prosecutor­s chaired by Assistant State Prosecutor Zenamar Machacon-Caparros also

received counter-affidavits filed by two of Kapa’s officials, Moises Mopia and Mirasol Diaz.

Apolinario and three other leaders of the multi-billion investment firm earlier filed their joint counter-affidavits formally refuting the SEC complaint last July 29.

Two other respondent­s, Adelfa Fernandico and Margie Danao had earlier committed to file their counteraff­idavits.

The SEC accused the respondent­s of having violated Sections 8, 26, 28 of Republic Act No. 8799, the Securities Regulation Code (SRC) for selling or offering securities to the public without the necessary license.

The SEC likewise accused Kapa executives to have engaged in a Ponzi scheme, a fraudulent transactio­n prohibited under Section 26 (26.3) of the SRC.

Under the scheme, Kapa enticed members to ‘donate’ at least PHP10,000 in exchange for a 30 percent monthly ‘blessing’ or ‘love gift’ for life.

A separate charge for swindling and other charges against the Kapa officials remains pending before another prosecutio­n panel.

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