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DOJ orders Kapa officials to answer criminal raps

/ 04:45 PM July 01, 2019

MANILA, Philippines — The Department of Justice (DOJ) has ordered officials of Kapa Community Ministry International Inc. (Kapa) to answer the criminal complaint filed against them for an alleged large-scale investment scam.

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

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The prosecutors specifically required the Kapa officials to submit their counter-affidavits in hearings set on July 5 and July 15 at 1 p.m.

In its complaint, the SEC accused the respondents of perpetrating an investment scam which violates Sections 8 and 28 of the SRC.

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Section 8 of the SRC prohibits the sale or distribution of securities without a registration statement duly filed and approved by the SEC.

Section 28, on the other hand, prohibits any person from engaging in the business of buying or selling securities in the country as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered with the SEC.

The SEC also found that respondents violated Section 26 of the law that prohibits Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors. (Editor: Eden Estopace)

RELATED STORIES:
SEC files criminal complaint vs Kapa execs for large-scale investment scam
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TAGS: Department of Justice, DoJ, KaPa, Ponzi, SEC, Securities and Exchange Commission
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