SEC warns public anew vs false claims on KAPA
Iris Gonzales (The Philippine Star) - December 13, 2019 - 12:00am

MANILA, Philippines — The Securities and Exchange Commission has warned the public anew against false claims about Kapa Community Ministry International, a religious organization that the SEC said was behind one of the biggest investment scams in the country in recent years.

The SEC clarified yesterday that KAPA is neither registered as a crowdfunding intermediary or funding portal nor has a pending application.

In videos posted on YouTube and Facebook, Pacman Radio anchors Roger Abing Camingawan and Daniel Flash Villas claimed KAPA registered with the SEC as a crowdfunding entity pursuant to a memorandum circular of the SEC.

KAPA through its counsel said it has not authorized the posts on social media. It said only KAPA officers Rene Catubigan and Ronnie Garay could speak on behalf of the organization.

The SEC reiterated that a cease and desist order it issued against KAPA founder and president Joel Apolinario and other officials of the organization on Feb. 14 remains in effect.

The SEC revoked the certificate of incorporation of KAPA on April 3 for “serious misrepresentation.”

On June 18, the SEC filed a criminal complaint against Apolinario, KAPA trustee Margie Danao, corporate secretary Reyna Apolinario and other officials of the organization.

The SEC said KAPA was found to have solicited investments without securing a secondary license and in a manner resembling a Ponzi scheme.

KAPA enticed the public to “donate” money in exchange for a 30 percent monthly “blessing” or “love gift” for life, the SEC said in its advisory.

The SEC said those acting as salesman, broker or agent of KAPA would be held criminally liable under Section 73 of the Securities Regulation Code. 

These persons also face fine of up to P5 million or imprisonment of up to 21 years or both, the SEC said.

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