The National Bureau of Investigation has filed syndicated estafa complaints against officials and agents of Kapa Community Ministry, which the Securities and Exchange Commission has flagged for allegedly running a "Ponzi-like" investment scam. `NBI files syndicated estafa charges vs officers, agents of Kapa Community Ministry in DOJ over investment scam | @edupunay pic.twitter.com/OqJxeAzbW4 — The Philippine Star (@PhilippineStar) July 8, 2019The fresh complaints come within days after KAPA founder and president Joel Apolinario, trustee Margie Danao, corporate secretary Reyna Apolinario and officers Marisol Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista and Rene Catubigan skipped a Department of Justice investigation into a violation of Republic Act 8799 or the Securities Regulation Code filed against them by the Securities and Exchange Commission. In a complaint filed on June 18, the SEC said the respondents violated Section 26 of RA 8799 that prohibits Ponzi scheme or an investment program that offers impossibly high returns. The SEC said KAPA officials enticed its members to donate at least P10,000 in exchange for a 30 percent ”blessing ”or ”love gift” for life. READ MORE: Too good to be true: Why the government is shutting KAPA down

Source: Philippine Star July 08, 2019 02:26 UTC