CAGAYAN DE ORO CITY (MindaNews / 12 Feb) – A local court in Bislig City, Surigao del Norte on Tuesday issued warrants of arrest against the founder of KAPA Community Ministry International, Inc., an investment scam that defrauded millions of pesos from its followers.
The Security Exchange Commission in Northern Mindanao said the Bislig City Regional Trial Court Branch 29 issued the arrest warrants against KAPA founder and President Joel Apolinario, a former radio DJ, who started the investment scam in the city 10 years ago.
The court also issued arrest warrants against Apolinario’s wife Reyna, the corporate secretary, along with KAPA promoters identified as Marisol Diez, Adelfa Fernandico, Moises Mopia and Reniones Catubigan.
SEC information officer Kathleen Emillie Navarra said their office has filed criminal complaints against the suspects for unauthorized sale or offering of securities to the public.
“The scale of the investment scam could easily run to hundreds of millions of pesos,” she pointed out.
Navarra said the suspects did this by offering the public 30-percent monthly return of their investments.
Navarra said KAPA’s investment scam became successful when they engaged the public on Facebook, YouTube and other social media platforms.
“It became one of the biggest pyramiding scams in our country,” she said.
Navarra said aside from the Bislig case, the Department of Justice had also filed criminal cases against the suspects in Quezon City and Antipolo, Rizal.
About 100,000 KAPA members staged a rally in General Santos City June last year and appealed to President Rodrigo Duterte to reopen their establishment. (Froilan Gallardo / MindaNews)