GENERAL SANTOS CITY – Securities and Exchange Commission (SEC) cancelled the registration of KAPA-Community Ministry International, Inc. (KAPA) after failing to comply the regulations of the Commission.
KAPA’s founder, Pastor Joel Apolinario, became controversial due to the group’s questionable “promise” of 30% monthly profit for their members’ supposedly “donation.”
Before the said revocation, SEC has already released advisories against the investment scam.
February 14, 2019 when the cease and desist order (CDO) was ordered against KAPA and made it permanent last March 14 after Apolinario’s camp failed to file a motion preventing the said order.
However, disregarding the SEC order, KAPA continues to its operations.
The decision dated April 3, 2019 states that the Commission en banc favored the petition of SEC Enforcement and Investor Protection Department to withdraw the certificate of incorporation of KAPA emphasizing the groups’s “intent to deceive the public on what it can do or is doing to the damage and prejudice of the investing public.”
“In its certificate of incorporation, KAPA is explicitly prohibited from undertaking business activities requiring a secondary license such as acting as broker or dealer in securities, investment house and close-end or open-end investment company. Despite its lack of authority to offer and sell securities, KAPA recruited and encouraged members to “donate” any amount in exchange for a 30% monthly return for life, without having to do anything other than invest and wait for the payout. The Commission En Banc ruled that such scheme constituted the sale and offer of securities, in the form of investment contracts, and required a secondary license from the SEC,” adds SEC ruling.
The SEC reiterated its warning to the public against KAPA, and encouraged them to report to their office or extension offices regarding the continuing operation of KAPA.
SEC advised investors of the investment scam to directly report about KAPA’s activities to SEC-Davao City Extension Office located at SDC Building, Purok 13, Maa Road, Maa, Davao City.
They can also call on â€Ž(082) 298-2170 at â€Ž(082) 298-1893 or submit their complaints at firstname.lastname@example.org.
In Cagayan de Oro City, they can visit the SEC building at corner 14th and Tomasco Del Lara Street or call â€Ž(088) 857-4325 and â€Ž(088) 857-7225 or even submit an email to email@example.com.