CAGAYAN DE ORO CITY (MindaNews / 25 March) – There is no respite for KAPA-Community Ministry International (KAPA) founder and president Joel Apolinario and his associates.
The Regional Trial Court branch 21 in Cagayan de Oro issued a warrant of arrest for Apolinario and eight of his associates for syndicated estafa.
This time the court said it will be non-bailable.
Named respondents in the arrest warrants against Apolinario were 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.
Security Exchange Commission information officer Neil Maynard Conde said the arrest warrants is on top of arrest warrant issued by the Bislig Regional Trial Court against Apolinario and several of his officers in the KAPA organization.
“This time the arrest warrants issued by the court in Cagayan de Oro are non-bailable,” Conde said,
Last Feb. 19, Apolinario and his wife surrendered and posted bail in Bislig City.
The Department of Justice accused Apolinario and his associates of “ willfully, unlawfully and criminally” engaged in the sale or distribution of securities in the Philippines without a registration filed and approved by the SEC.
Conde said the SEC found that Apolinario and his associates employed a Ponzi scheme, an investment scam that offers impossible high returns and pay investors using the money contributed by later investors. (Froilan Gallardo / MindaNews)