MANILA, Philippines — The National Bureau of Investigation on Monday filed a complaint of syndicated estafa and of violations of the Securities Regulation Code against the leader of KAPA Community Ministry and 14 others for allegedly running a supposed investment scam that the Securities and Exchange Commission has described as "Ponzi-like."
Named as respondents in the complaint, which were filed with three private complainants, were Joel Apolinario, KAPA founder and president of KAPA, as well as the following incorporators:
- Nonita Urbano
- Junnie Apolinario
- Nelio Nino
- Maria Pella Sevilla
- Jouelyn Del Castillo
- Cristobal Barabad
- Joji Jusay
- Reyna Apolinario
Also named in the complaint were KAPA corporate secretary Reyna Apolinario, director/treasurer Modie Dagala, and directors/officers Benigno Tipan Jr., Marnilyn Maturan, Ricky Taer and Margie Danao.
Aside from the named KAPA officers, the NBI also filed raps against "officers and employees of KAPA Offices located in Sarangani Province, Quezon City and Taytay, Rizal who directly transacted with NBI poseur investors and private complainants."
They face five counts of violations of Sections 8 and 26 of the src and eight counts of Syndicated Estafa.
KAPA unlicensed to sell securities
The NBI said that the investment scheme, where members were encouraged to donate at least P10,000 to get a 30-percent "blessing" in return, falls under the definition of "securities" under the src even if KAPA is not licensed to issue or offer securities.
The NBI said that its probe found that KAPA's promise of a 30% return on investment per month "is a pyramiding investment scam, considering that in common and ordinary experiences in life, no business has ever survived and will last in this kind of business setup." It added that KAPA gives its investor members a "deed of donation to make it appear that the same is a donation."
The NBI added that "KAPA employed deceit through ponzi scheme in its investment scam activities when it collected money/investments from the public" and that "its victims as well as the government were damaged" by KAPA doing so.
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The fresh raps come within days after Joel and Reyna Apolinario, Danao, and KAPA officers Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista and Rene Catubigan skipped a Department of Justice investigation into a violation of Republic Act 8799 or the Securities Regulation Code filed against them by the Securities and Exchange Commission.
In a complaint filed on June 18, the SEC said the respondents violated Section 26 of RA 8799 that prohibits Ponzi schemes, or investment programs that offers impossibly high returns.