Officials of the Kapa-Community Ministry International (Kapa) have faced another possible arrest after a court in Cagayan de Oro City issued an order to nab them.
In a press statement Monday, the Securities and Exchange Commission said the Regional Trial Court Branch 21 issued on February 18 a warrant of arrest against nine Kapa officials, headed by Kapa founder and president Joel A. Apolinario.
Aside from Apolinario, others who were ordered arrested as they have been facing a case of syndicated estafa, a non-bailable offense, 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,
The SEC found the group using a Ponzi scheme, an illegal investment instrument, in luring investors with a promise of a 30% monthly return, which the group called a blessing, provided the investors invest at least P10,000.
First conceptualized by Charles Ponzi in the 1920s, the idea of Ponzi scheme was to pay the previous investors with the money of the incoming investors which would result in the scheme to collapse in the long run. Because of the promise of high returns, many supposed investors fell into the trap.
In denying the allegation, the group said it was a religious organization as it was open to investigation.
In Surigao del Sur, Apolinario and other officials, including corporate secretary Reyna L. Apolinario, Trustee Margie A. Danao and promoters Reniones D. Catubigan, Marisol S. Diaz, Adelfa Fernandico and Moises Mopia, were also facing a case of violating Republic Act No. 8799, or the Securities Regulation Code (SRC).
The case resulted in an arrest warrant against them, but the Apolinarios and Catubigan eventually posted bail.