DOJ asked to prosecute KAPA officials for alleged syndicated estafa

July 8, 2019

The Department of Justice (DOJ) has been asked to prosecute for alleged syndicated estafa and violation of the Securities Regulation Code ( SRC) 14 officials of KAPA-Community Ministry International, Inc. who hatched a scheme involving P50 billion in investments from more than five million members.

The National Bureau of Investigation filed the complaint on Monday before the DOJ on behalf of three investors who claimed they were lured into investing money in exchange for high returns.

The identity of the complainants was withheld by the NBI due to security.

Charged were  KAPA founder and president Joel Apolinario, its   incorporators officers Nonita Urbano, Junnie Apolinario, Nelio Nino, Maria Pella B. Sevilla, Jouelyn del Castillo, Cristobal Barabad, Joji Jusay, and other officers  Reyna Apolinario, Modie Dagala, Benigno Tipa, Jr., Marnilyn Maturan, Ricky Taer and Margie Danao.

The NBI charged them with five counts of violations of Section 8 and 26 of the SRC and eight counts of syndicated estafa as defined and penalized in Presidential Decree 1689.

“The investment scheme of KAPA, being in the nature of securities is required under Section 8 of the SRC to be registered before being offered or sold to the general public. However, KAPA is not a registered issuer of securities under Sections 8 and 12 of the SRC and therefore not licensed to issue or offer securities to the public,” the complaint stated. DMS