THE Securities and Exchange Commission (SEC) has warned the public on the false claims of KAPA-Community Ministry International, where it said that it had secured the necessary licenses to resume its operations.
KAPA claimed in its Facebook post and on other social media that it already filed with the SEC an application for a secondary license to sell and offer for sale securities to the public.
The SEC said it has not received any application for a secondary license from KAPA, as verified by the SEC Company Registration and Monitoring Department.
“Besides, KAPA does not have a juridical personality to make such application,” the SEC said.
On April 3, the SEC revoked the certificate of incorporation of KAPA for serious misrepresentation of what it could do or was doing to the great prejudice of or damage to the general public.
The SEC said it is taking note of the false claims by KAPA, in particular, on social media. Supposedly, the group was poised to secure the necessary licenses to resume its operations.
KAPA also claimed that the Bangko Sentral ng Pilipinas released a statement that it approved its investment scheme and questioning delays on the part of the SEC. The Central Bank refuted such claim.
KAPA was registered with the SEC as a nonstock corporation but it solicited investments from the public without first securing a secondary license. Worse, the group had employed a Ponzi scheme, the SEC said.
Under its scheme, KAPA enticed the public to donate P10,000 in exchange for a 30-percent “monthly blessing” or love gift for life, without having to do anything other than shell out money and wait for the promised payout.
On June 18, the Commission filed a criminal complaint against KAPA, its founder and President Joel A. Apolinario, trustee Margie A. Danao, Corporate Secretary Reyna L. Apolinario and other promoters of the investment scam.
“We enjoin the investing public to be more discerning with and critical of any promises and persuasions made by fraudsters,” SEC Chairman Emilio B. Aquino said.
“When presented an investment opportunity, take time to verify the legitimacy of the company, especially their authority to solicit investments from the public, and to understand how the promised returns will be generated and delivered.”
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THE Securities and Exchange Commission (SEC) has warned the public on the false claims of KAPA-Community Ministry International, where it said that it had secured the necessary licenses to resume its operations.
It KAPA ever going to open – ???? – As of to-date have they got the necessary licenses to resume its operations.????