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KAPA Founder And Executives Face Syndicated Estafa Complaint

The National Bureau of Investigation (NBI) files a criminal complaint against the KAPA Ministry International founder and 14 other KAPA executives, which the Securities and Exchange Commission tagged as an investment scam.

KAPA Facing Charges

In response to complaints of three KAPA investors, NBI filed eight counts of syndicate estafa and five counts of violation of Securities Regulation Code against the KAPA founder Joel Apolinario.

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ABS-CBN News

Included in the complaints are KAPA’s incorporators Nonita S. Urbano, Junnie G. Apolinario, Nelia V. Nino, Maria Pella B. Sevilla, Jaquelyn A. del Castillo, Cristobal R. Barabad, and Joji A. Jusay.

KAPA Corporate secretary Reyna L. Apolinario, director/ treasurer Modie S. Dagala, and corporate directors Benigno D. Tipan Jr., Marnilyn M. Maturan, Ricky A. Taer, and Margie A. Danao were also named.

The Complainants

The NBI did not disclose the identity of the three complainants. The complainants are a female senior citizen residing from Dinagat Island who invested her retirement fund amounting to P500,000. Her son also invested an amount of P45,000 and a woman who donated P30,000.

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Inquirer.Net

KAPA’s Transactions Illegal

In its complaint, NBI said despite revoking KAPA’s certificate to operate by Security and Exchange Commission, its offices in Taytay, Rizal, and Quezon City still continued to operate and still accepted “donations” from its members.

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KAPA’s branch office in Tatay, Rizal on Sunday, June 16, 2019. Photo by Darren Langit/Rappler

NBI also stated that KAPA Ministry International disguised itself as a religious group and persuaded its members to donate at least an amount of P10,000 and in exchange, they will have a monthly return of investment of thirty percent on what they call a “blessing”. Making investment contracts without a license from the SEC.

“Kapa solicits and/or collects investment from the public in the guise of donations and grants interest equivalent of 30% of investment in the guise of blessings after a month and thereafter,”.

“Kapa employed deceit through Ponzi scheme in its investment scam activities when it collected money/investments from the public. Clearly, its victims, as well as the government, were damaged by Kapa’s investment scam activities,”

SEC, in February issued a cease and desist order against KAPA and dismiss its certificate of registration in April.

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