DOJ summons KAPA execs over investment scam

MANILA, Philippines — The Department of Justice (DOJ) has summoned officials of Kapa Community Ministry International Inc. in connection with the criminal charges they are facing over an alleged investment scam.

In a subpoena released last week, a DOJ investigating panel chaired by assistant state prosecutor Gilmarie Fe Pacamarra ordered KAPA founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario and officers Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista and Rene Catubigan to appear and answer the charges filed against them by the Securities and Exchange Commission (SEC) for violation of Republic Act 8799 or the Securities Regulation Code.

The KAPA officials were asked to submit their counter-affidavits during the hearings set on July 5 and 15.

In a complaint filed on June 18, the SEC said the respondents violated Section 26 of RA 8799 that prohibits Ponzi scheme or an investment program that offers impossibly high returns.

The SEC said its investigation showed that KAPA officials enticed the public to “donate” at least P10,000 in exchange for a 30 percent monthly “blessing” or “love gift” for life.

SEC chairman Emilio Aquino said KAPA “amassed wealth through an investment scam in the guise of religion and at the expense of the investing public.”

Freeze order

Meanwhile, the Court of Appeals (CA) froze the bank accounts and properties of Satarah Wellness Marketing based in Baguio City, also for alleged involvement in an investment scam.

”There is probable cause that the series of deposits, withdrawals or investments, including related accounts of foreign personalities, corporations or entities and pieces of property, are related to an unlawful activity or a money laundering offense,” the CA’s 10th Division said in a ruling penned by Associate Justice Eduardo Peralta.

Satarah Wellness  has been the subject of  numerous complaints about a supposed pyramid scam. Investors were reportedly promised a 22 percent return after three months, five percent return after 60 days and referral fees of up to 12 percent from the membership fee of P100,000, which is to be spent on the company’s wellness goods.