MANILA, Philippines – The panel of prosecutors from the Department of Justice (DOJ) has indicted the officials of KAPA-Community Ministry International (KAPA) including its founder and president Joel Apolinario.
Aside from Apolinario, Reyna Apolinario and Margie A. Danao will be facing a case for violation of the Securities Regulation Code specifically for the sale of securities without having filed a registration statement.
Joel and Reyna Apolinario together with Danao, Adelfa Fernandico, Moises Mopia, Marisol Diaz and Reniones D. Catubigan will be facing a case for using a device scheme or artifice to defraud, qualified by the use of the computer, social media and video-sharing technology.
This is contained in a 21-page resolution dated Sept. 25 which according to Justice Secretary Menardo Guevarra has been sent to the parties by registered mail last Friday.
“The Panel ruled the scheme employed by KAPA and the respondent-officers to be a classic Ponzi scheme considering the impossibly high yields of return promised to investors,” said Justice Undersecretary Markk Perete quoting the resolution.
“It likewise rejected respondents’ argument that such investments were in the nature of religious donations, pointing out that the promise of return negates the giver’s liberality that is the hallmark of every donation,” he added.
Perete said the necessary information to charge Apolinario and the others shall in due time be filed in the proper court./ac