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Manila Bulletin devider Philippines devider KAPA officials face arrest for syndicated estafa

KAPA officials face arrest for syndicated estafa

Published Mar 24, 2020 12:00 am
By James Loyola Kapa-Community Ministry International (KAPA) Founder and President Joel A. Apolinario is again facing arrest – this time, for the non-bailable offense of syndicated estafa. The Cagayan de Oro City Regional Trial Court Branch 21 has issued a warrant of arrest against Apolinario, and eight other people connected to KAPA, for syndicated estafa. The other respondents are Junnie G. Apolinario, Maria Pella B. Sevilla, Cristobal R. Barabad, Nonita S. Urbano, Nelia V. Nino, Jouelyn A. Del Castillo, Joji A. Jusay and Albert P. Buhangbuhang. The Bislig City Regional Trial Court Branch 29 earlier issued warrants of arrest against Apolinario, together with KAPA Corporate Secretary Reyna L. Apolinario, Trustee Margie A. Danao and promoters Reniones D. Catubigan, Marisol S. Diaz, Adelfa Fernandico and Moises Mopia, for violations of Republic Act No. 8799, or the Securities Regulation Code (SRC). On February 19 and 27, the Apolinario couple and Catubigan respectively surrendered and posted bail for their temporary liberty while facing investment fraud charges filed by prosecutors at the Department of Justice (DOJ). In separate charge sheets, the DOJ has accused KAPA of “willfully, unlawfully and criminally” engaging in the selling or offering for sale or distribution of securities in the Philippines without a registration statement duly filed with and approved by the SEC. Accordingly, the DOJ charged KAPA, Reyna and Joel Apolinario, and Danao of violating Sections 8(8.1), 26.1 and 28 of the SRC. It also indicted Diaz, Fernandico, Mopia and Catubigan for violation of Section 26.1 of the SRC for promoting the investment scam. The DOJ further charged Diaz before the Antipolo Regional Trial Court for violation of Section 28. It filed similar charges against Mopia and Fernandico before the Quezon City Regional Trial Court Branch 93, which then issued Warrants of Arrest against the respondents on December 2, 2019. The criminal proceedings stemmed from the complaint filed by the Securities and Exchange Commission (SEC) on June 18, 2019 against KAPA, after finding the group to have enticed the public to invest at least P10,000 in exchange for a 30% monthly return for life, without having to do 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 later investors.
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