DOJ to start probe vs Kapa execs
Officers and board of directors of Kapa Community Ministry International Inc. (Kapa) who were accused by the Securities and Exchange Commission of operating a large-scale investment scam, are expected to appear during the start of preliminary investigation at the Department of Justice tomorrow (Friday).
They were required in a subpoena to answer charges for allegedly violating Republic Act 8799 (Securities Regulation Code).
Expected to appear were Kapa founder and president Pastor Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario and officers Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista and Rene Catubigan.
According to SEC, the respondents violated Section 26 of SRC prohibiting the so-called Ponzi scheme, an investment program that offers high returns and pays investors using the money contributed by other investors.