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.