Kapa execs in alleged investment scam snub DOJ hearing

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Officers of the Kapa Community Ministry International, Inc. implicated by the Securities and Exchange Commission (SEC) in an alleged large-scale investment scam snubbed the Justice Department’s first day of hearing on Friday.

Not even their lawyers appeared during the first day of preliminary investigation on charges filed by SEC for violation of the Securities Regulation Code.

Nonetheless, Kapa respondents still have the opportunity to refute the charges during the resumption of the DOJ hearing on July 15.

Subpoenaed by the DOJ 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.

The SEC said 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.

According to SEC, the respondents enticed the public to donate at least P10,000 in exchange for a 30 percent monthly “blessing” or “love gift”.

The commission added Kapa “amassed wealth through an investment scam in the guise of religion and at the expense of the investing public.”

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