By NITZ ARANCON
Securities and Exchange Commission (SEC) on Thursday said it intends to file criminal charges against Kapa-Community Ministry International, Inc. (KAPA) and its officials for operating an alleged fraudulent scheme which it considers as the biggest investment scam ever seen in the country.
This, after the Court of Appeals issued a freeze order last June 4 on several banks accounts and other assets linked to KAPA upon the petition of the SEC and the Anti-Money Laundering Council (AMLC).
Securities and Exchange Commission (SEC) Northern Mindanao Regional Director Renato “Rene” Egypto said that SEC, has now been working on all documentary evidences, in order to use the Criminal case, against KAPA founder Pastor Joel Apolinario.
Egypto, whose office in SEC Manila, has filed a lawsuit against Apolinario, and other KAPA officials, including their satellite office in Igpit Opol Misamis Oriental and Valencia City Bukidnon.
Egypto, Apolinario and KAPA officials, will file a violation of the Republic Act. 8799, the so-called Securities Regulation code of the Phils.
However Egypto said that the SEC, did not file Estafa’s case against Pastor Apolinario and fellow officers.
“Kadtong mga membro sa KAPA mahimo sila nga ma-oy mo-file sa kasong Estafa kon dunay ilang reklamo,”said Egypto.
Egypto said that they visited all the offices of KAPA in Mindanao, because they allegedly collecting money from their members and without go ahead with the SEC.
According to Egypto, Kapa has no primary license called “Profit Corporation Licence”, and no “Certificate of Authority”, from the SEC.
“Dili igo nga narehistro, ang usa ka organization sama sa Kapa, kinahanglan gyud dunay ilang Profit corporation license ug Certificate of Authority, kon mo-engage sila sa pagpangolikta ug kuwarta gikan sa ilang mga member,” said Egypto.
Egypto explained that Kapa, could not return to their operations, especially when the Sec manila filed a case against Apolinario and his colleagues.
Egypto calls on the the public that before investing in any investment, they would first check if the Organization has a SEC registration.