SEC warns vs KAPA’s false claims

MANILA, Philippines — The Securities and Exchange Commission (SEC) has reiterated its advisory to the public against investment scams.

The SEC likewise refuted the false claims made by Kapa-Community Ministry International (KAPA) that it would soon be able to secure a license to operate.

KAPA falsely claimed that the Bangko Sentral ng Pilipinas had purportedly approved its investment scheme. The BSP outrightly denied this.

KAPA also falsely claimed  it already filed with the SEC an application for a secondary license to sell and offer for sale securities to the public.

The SEC said it has not received any application for a secondary license from KAPA, as verified by the SEC Company Registration and Monitoring Department (CRMD).

On April 3, the SEC revoked the certificate of incorporation of KAPA for soliciting investments from the public without securing a secondary license first.

KAPA solicits donations from the public in exchange for a 30 percent monthly return.

The SEC cited Sec. 8 of Republic Act 8799 or the Securities Regulation Code, which provides that “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission.

 The agency has already filed a criminal complaint against KAPA, its founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario and other promoters of the investment scam.

“We enjoin the investing public to be more discerning with and critical of any promises and persuasions made by fraudsters,” SEC chairperson Emilio Aquino said.