SEC sues KAPA execs before DOJ
The Securities and Exchange Commission on Tuesday filed formal charges against incorporators and officers of the Kapa Community Ministry International Inc. before the Department of Justice following their alleged involvement in investment scam.
In a formal complaint, sued were Joel Apolinario, Margie Apolinario Danao, Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherin Evangelista, Rene Catubigan alias Pastor Catubigon.
They were charged with violation of Sections 8, 26, and 28 of the Securities Regulation Code.
President Duterte recently issued an order to shut down Kapa and other similar groups for alleged involvement in investment scams.
According to SEC, Kapa was running a Ponzi scheme in which existing investors are paid with funds from new investors.