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KAPA one of the biggest investment scams to date – Emil Aquino

KAPA one of the biggest investment scams to date - Emil Aquino

Securities and Exchange Commission chairman Emil Aquino has branded KAPA Ministry Community Inc., headed by Pastor Joel Apolonio, as one of the biggest financial rip offs in Philippine history.

Securities and Exchange Commission chairman Emil Aquino has branded KAPA Ministry Community Inc., headed by Pastor Joel Apolonio, as one of the biggest financial rip offs in Philippine history.

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KAPA allegedly duped five million people by promising a 30% return on investments for life.

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“KAPA is running a scam. It has no ability to deliver,” Aquino said.

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Aquino said the Surigao–based religious firm’s promise of an infinite 30% monthly return is just too good to be true.

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He said KAPA would need at least P15 billion a month or P180 billion a year to sustain the 30% payout scheme to its 5 million members.

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But financial records filed with the SEC showed that KAPA only had assets of less than P500,000.

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