DOJ OKs indictment of Kapa founder Joel Apolinario over investment scam
The Department of Justice (DOJ) has approved the filing of charges against Kapa-Community Ministry founder and president Joel Apolinario and his co-respondent for their alleged involvement in investment scams.
This was confirmed by the Securities and Exchange Commission (SEC) which filed a criminal complaint before the DOJ against Apolinario and his co-respondents.
“In a resolution issued on September 25, 2019, state prosecutors found probable cause to charge KAPA, its founder and president Joel A. Apolinario, trustee Margie A. Danao and corporate secretary Reyna L. Apolinario for violations of Sections 8 (8.1), 26.1, and 28 of Republic Act No. 8799, or the Securities Regulation Code (SRC),” the SEC said in a statement on Tuesday (Oct. 22).
“The DOJ also indicted Marisol M. Diaz, Adelfa Fernandico, Moises Mopia and Reniones Catubigan for promoting and participating in the unlawful public offering and/or selling of securities by KAPA,” it added.
The SEC recounted that it filed the criminal complaint before the DOJ after uncovering the group’s unauthorized investment-taking activities.
“KAPA has enticed the public to invest at least P10,000 in exchange for a 30% monthly ‘blessing’ or ‘love gift’ for life, without having to do anything other than invest and wait for the payout,” the SEC said.
“The group’s scheme involved the sale and offering for sale or distribution to the public of securities, in the form of investment contracts, as defined under Section 3 of the SRC,” it added.
The SEC also found KAPA to have employed a Ponzi scheme which it described as “an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.”
“This qualifies as a fraudulent transaction prohibited under Section 26 of the SRC,” it stressed.