The Securities and Exchange Commission on Monday warned against the revival of an alleged investment scam by the religious group Kapa Community Ministry International.
The SEC earlier this year revoked Kapa’s certificate of registration for allegedly promising its members a 30-percent return for their donations without the required government license.
Supporters have claimed the group would soon relaunch its operations under the name Kapa Worldwide Ministry Association, but this is not registered with the SEC, said SEC chairman Emilio Aquino.
Aquino, in an interview with dzMM heard nationwide, said in Filipino: “We are not allowing them as long they are pursuing that kind of scheme: payment in; payment out; there’s a capital donation. Their investment is more than the usual donation to a ministry.”
According to the SEC chairman, new funds given to Kapa could be used to pay earlier investors.
SEC is preparing a second wave of complaints against the group’s supporters for “peddling disinformation,” he said.
He added the first case filed by the SEC against Kapa had been submitted for resolution at the justice department.
Kapa denied fraudulently selling investments, saying its followers instead get “blessings.”