CA affirms revocation of Ponzi firm’s registration with SEC
DAVAO CITY—The Court of Appeals (CA) has upheld the decision of the Securities and Exchange Commission (SEC) to revoke the corporate registration of a company that was found to have defrauded thousands of people across the country.
In a ruling dated March but released only recently, the CA’s Special 16th Division affirmed its earlier decision that the SEC substantially established that the Kabus Padatoon (Kapa) Community Ministry International, led by Joel Apolinario, engaged in an unlawful investment activity.
Under the pretext of being a religious organization, Kapa started in 2016 an investment scheme that duped thousands into giving “donations” and expect a 30-percent return monthly.
But in June 2019, the SEC ruled that Kapa was not authorized to solicit investments and filed criminal charges against Apolinario and his cohorts.
That same month, no less than President Duterte ordered the National Bureau of Investigation to shut down Kapa.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.