Regulator warning versus Kapa amid reports of relaunch

Kapa will soon relaunch operations under the Kapa Worldwide Ministry Association banner.

The Securities and Exchange Commission (SEC) has renewed its warning to the public to avoid dealing with individuals engaged in now-defunct Kapa Community Ministry International Inc.

In a statement over the weekend, the SEC said it received reports from social media that Kapa will soon relaunch operations under the Kapa Worldwide Ministry Association banner.

The commission tagged Kapa as one of the biggest investment scams in the Philippine history, claimed to have as much as five million members, including teachers, as of 8 June 2019.

The SEC reiterated the company is not registered as a corporation and has no secondary license to solicit investments from the public. It added it has not successfully registered another corporation given its history of defrauding investors and a pending criminal complaint against it and its officers and promoters.

In June this year, bank accounts and assets linked to Kapa were ordered frozen by the Court of Appeals at the request of the SEC and the Anti-Money Laundering Council.

The order arose from its alleged unauthorized solicitation of investments from the public and promising 30-percent higher return for life with little risks. It was founded by a pastor named Joel Apolinario and was also registered with the SEC as a non-stock corporation, which means it is not authorized to solicit investments from the public.

Following the order, the SEC said it secured some P100 million worth of Kapa assets such as insurance policies, cryptocurrency holdings and other assets linked to Kapa.

The commission is also poised to pursue nine luxury cars, a sports utility vehicle and a helicopter believed to have been acquired through Kapa’s investment scam. The latter also claimed to have purchased a hospital, a school, and other unnamed properties.