KAPA execs seek dismissal of SEC raps

MANILA, Philippines — Officials of Kapa Community Ministry International Inc. have denied the allegations in the complaint filed by the Securities and Exchange Commission (SEC) against them over an alleged investment scam.

Represented by their lawyers, KAPA founder and president Pastor Joel Apolinario, corporate secretary Reyna Apolinario and officers Rene Catubigan and Catherine Evangelista submitted their joint counter-affidavit yesterday wherein they asked the Department of Justice to dismiss the complaint.

One of the respondents, Moises Mopia, attended the hearing, but asked for more time to answer the charges.

In its complaint, the SEC said the respondents perpetrated an investment scam in violation of Sections 8 and 28 of Republic Act 8799 or the Securities Regulation Code.

Section 8 prohibits the sale or distribution of securities without a registration statement approved by the SEC. Section 28 prohibits any person from engaging in the buy-and-sell of securities unless registered with the SEC.

The SEC said the KAPA officials also violated Section 26 of RA 8799, which prohibits Ponzi scheme or the offering of impossibly high returns and pays investors using the money contributed by the other investors.

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.

The National Bureau of Investigation had earlier filed syndicated estafa charges against the KAPA officers based on the complaints filed by three investors.