Kapa execs refute SEC raps

FILE: HEARING ON KAPA RAPS. Lawyer Jose P. Aquino (left) of the Securities and Exchanges Commission Enforcement Investor Protection Department (SEC-EIPD) along with witnesses Lester Bautista and Bryant Symonde Chang appear at the DOJ hearing on the charges filed against officials of Kapa Community International Ministry on Friday (July 5, 2019). Kapa officials are accused of perpetrating an investment scam by violating Sections 8 and 28 of the Securities Regulation Code. (PNA photo by Benjamin Pulta)

MANILA — Embattled Kapa-Community Ministry Inc. founder and president Joel Apolinario and three other leaders of the alleged multi-billion investment scam on Monday filed their joint counter-affidavits formally refuting the complaint at the Securities and Exchange Commission (SEC) against them.

The counsels of Apolinario, along with Reyna Apolinario, Catherine Evangelista, and Rene Catubigan declined to give newsmen copies of their sworn statements disputing the charges.

During Monday’s hearings, the panel of prosecutors chaired by Assistant State Prosecutor Zenamar Machacon-Caparros also granted the plea of other respondents to be allowed to file their counter-affidavits on August 5.

They are Margie Danao, Marisol Diaz, Adelfa Fernandico, and Moises Mopia.

Only Mopia personally appeared during the preliminary investigation with the rest of the respondents instead represented by defense counsels.

The SEC accused the respondents of having violated Sections 8, 26, 28 of Republic Act No. 8799, the Securities Regulation Code (SRC) for selling or offering securities to the public without the necessary license.

The SEC likewise accused Kapa executives to have engaged in a Ponzi scheme, a fraudulent transaction prohibited under Section 26 (26.3) of the SRC.

Under the scheme, Kapa enticed members to ‘donate’ at least PHP10,000 in exchange for a 30 percent monthly ‘blessing’ or ‘love gift’ for life.

A separate charge for swindling and other charges against the Kapa officials remains pending before another prosecution panel.