Securities and Exchange Commission (RADYO INQUIRER FILE PHOTO)
MANILA, Philippines – Officials of Kapa Community Ministry International Inc. (Kapa) on Monday asked the Department of Justice (DOJ) to dismiss the criminal complaint filed against them by the Securities and Exchange Commission (SEC).
Kapa founder and president Joel Apolinario together with its corporate secretary Reyna Apolinario and officers Rene Catubigan and Catherine Evangelista submitted a joint counter-affidavit denying the allegations made by the SEC and sought for the dismissal of the complaint.
The four has affirmed their counter-affidavit before the Saranggani Provincial Prosecutor after they were allowed by the DOJ panel during the last hearing, citing security reasons.
Their counsel, Atty. Mae Divinagracia told reporters that aside from the dismissal of the complaint, they also asked that the proceedings be suspended because of a related case before the General Santos City Regional Trial Court.
Another respondent, Moises Mopia, appeared during Monday’s preliminary investigation but requested for an extension to submit his response to the SEC complaint.
The SEC, in its complaint, accused them of engaging in an investment scam which is prohibited under Sections 8 and 28 of the Securities and Regulations Code (SRC).
Section 8 of the SRC prohibits 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 the Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by other investors.
Next preliminary investigation is scheduled for Aug. 5./ac