The Securities and Exchange Commission (SEC) filed complaints before the Department of Justice (DOJ) against Kapa Community Ministry International officers over their ‘illegal’ investment scheme
The SEC lodged 3 criminal complaints against Kapa Community Ministry International founder Pastor Joel Apolinario, and trustee Margie Danao, corporate secretary Reyna Apolinario, Marisol Diaz, Adelfa Fernando, Moises Mopia, Catherine Evangelista, and Rene Catubigan for violating Sections 8, 26, and 28 of the SRC or Republic Act No. 8799.
The commission found Kapa to be recruiting members to donate a minimum amount of P10,000 in exchange for a 30% monthly return for life, a clear Ponzi scheme according to the SEC. The Court of Appeals has since frozen Kapa’s assets following a petition by the SEC and the Anti-Money Laundering Council. The DOJ earlier issued an immigration lookout bulletin order against Apolinario and 14 others.