CA affirms revocation of Ponzi firm’s registration with SEC | Inquirer News
Close  

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.

ADVERTISEMENT

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.

FEATURED STORIES

That same month, no less than President Duterte ordered the National Bureau of Investigation to shut down Kapa.

Read Next
Don't miss out on the latest news and information.

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.

TAGS: Court of Appeals, Ponzhi scheme, pyramid scheme, SEC
For feedback, complaints, or inquiries, contact us.

News that matters

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.