The Cagayan de Oro City Regional Trial Court issued another warrant of arrest against Kapa-Community Ministry International founder and president Joel Apolinario for syndicated estafa.
The Securities and Exchange Commission said in a statement Monday the Cagayan de Oro City RTC Branch 21 on February 18 issued the warrant of arrest against Apolinario, along with eight other people connected to KAPA, for syndicated estafa which is non-bailable.
The other respondents were Junnie Apolinario, Maria Pella Sevilla, Cristobal Barabad, Nonita Urbano, Nelia Nino, Jouelyn Del Castillo, Joji Jusay and Albert Buhangbuhang.
The Bislig City RTC Branch 29 earlier issued warrants of arrest against Apolinario, along with KAPA corporate secretary Reyna Apolinario, trustee Margie Danao and promoters Reniones Catubigan, Marisol Diaz, Adelfa Fernandico and Moises Mopia for violations of Republic Act No. 8799, or the Securities Regulation Code.
Mr. and Mrs. Apolinario and Catubigan surrendered on February 19 and 27, respectively, and posted bail for their temporary liberty while facing the investment fraud charges filed by prosecutors at the Department of Justice.
The DOJ earlier accused KAPA of “willfully, unlawfully and criminally” engaging in the selling or offering of securities for sale or distribution in the Philippines without a registration statement filed with and approved by the SEC.
The criminal proceedings stemmed from the complaint filed by the SEC in June last year against KAPA, after finding the group to have enticed the public to invest at least P10,000 in exchange for a 30-percent monthly return for life, without doing anything other than invest and wait for the payout.
The SEC also found KAPA to have employed a Ponzi scheme, an investment program that offers impossibly high returns and pays investors using the money contributed by future investors.
Securities under Section 8(8.1) of the SRC should not be sold or offered for sale or distribution within the Philippines without a registration statement filed with and approved by the SEC.
The DOJ in a resolution issued on September 25, 2019 found probable cause to bring charges against KAPA, affirming the earlier findings of the SEC.
