The Securities and Exchange Commission said it issued a cease-and-desist order against an independent religious corporation for soliciting investments from the public without the necessary license and in a manner resembling a Ponzi scheme.
SEC said it issued the order against Kappa Community Ministry International Inc. which also operates as Kapa Kabus Padatuon (Enrich the Poor), Kapa/ Kappa (Kabus Padutoon), Kapa-Co Convenience Store and General Merchandise and Kapa Worldwide Ministry, after finding substantial evidence that it was offering and selling securities in the form of investment contracts without the necessary license.
The order, which covers the religious firm’s partners, officers, directors, agents, representatives and all other persons acting for and in their behalf, directed Kapa to cease from promoting its investment scheme through the internet and remove its promotional presentations online.
It also barred Kapa, its affiliates and subsidiaries, including its directors and officers, representatives and the persons acting for and in their behalf from disposing of their remaining properties and other assets for the benefit of the investors.