THE Securities and Exchange Commission yesterday filed formal charges against officers of the Kapa Community Ministry International Inc. before the Department of Justice.
Kapa is a religious organization implicated in an investment scam.
Charged by the SEC were Kapa founder and president Joel Apolinario, Margie Apolinario Danao, Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherin Evangelista and Rene Catubigan alias “Pastor Catubigon.”
They were charged with violation of Sections 8, 26, and 28 of the Securities Regulation Code.
President Rodrigo Duterte recently issued an order to shut down Kapa and other similar groups for alleged involvement in investment scams.
According to the SEC, Kapa was running a Ponzi scheme in which existing investors are paid with funds from new investors.
Members of Kapa were enticed to “donate” at least P10,000 in exchange for a 30 percent monthly interest or “blessing” for life.
The SEC earlier froze P100 million in assets of Kapa or short for Kabus Padatuon or Enrich the Poor in the local dialect.