Business

Kalokohan! SEC reiterates CDO vs Joel Apolinario’s KAPA

The Securities and Exchange Commission has warned the public anew against fake news circulating the supposed dismissal of fraud charges against Joel Apolinario’s Kapa-Community Ministry International (KAPA).

In a statement, the SEC emphasized that the criminal cases filed against KAPA for various violations of the Securities Regulation Code remain pending in various courts.

The SEC noted that Apolinario, KAPA founder and president, and the group’s other officers Reyna Apolinario and Reniones Catubigan only managed to secure conditional and temporary liberty after posting bail.

Others charged were Marisol Diaz, Adelfa Fernandico and Moises Mopia

“KAPA supporters and promoters have been circulating videos featuring a purported telephone interview with Apolinario, falsely claiming that all cases against KAPA have been dismissed, amid the COVID-19 pandemic,” the SEC said.

The interview was first posted on May 7 on the YouTube channel of a certain Bong Cagape.

According to the SEC, the cease and desist order against KAPA became permanent in March 2019 and that the company’s business registration was revoked a month after.

The criminal proceedings stemmed from the complaint filed by the SEC on June 18, 2019 upon discovery of KAPA’s illegal investment scheme.

KAPA was found to have employed a Ponzi scheme which asks the public to invest at least P10,000 in exchange for a 30% monthly return for life.

Apolinario is also being charged for the non-bailable offense of syndicated estafa before the Cagayan de Oro City Regional Trial Court branch 21.

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