THE Securities and Exchange Commission (SEC) issued on February 19 a cease and desist order against KAPA-Community Ministry International, Inc. from engaging in activities of selling and/or offering for sale securities in the form of investment contracts in the guise of a donation or any other forms of the same nature.
In a five-page order penned by SEC chairperson Emilio Aquino and the four commissioners – Antonieta Ibe, Kelvin Lester Lee, Ephyro Luis Amatong and Javey Paul Francisco (not related to this writer), SEC said the commission’s Enforcement and Investor Protection Department provided sufficient evidence to support its allegations that KAPA is engaged in offering for sale securities to the public through indiscriminate or random offering online via videos promoting its investment scheme to potential investors without prior registration.
“The Commission is duty-bound to protect the interest of the investing public. Thus, it is necessary that a cease and desist order be issued. Otherwise, to allow KAPA to continue soliciting investments and/or selling or offering for sale securities to the public is a fraud on investors that is likely to cause grave or irreparable injury to the investing public,” read part of the order.
SEC also ordered KAPA to delete or remove immediately the promotional presentation of such investment scheme from the websites as well as stop transacting any and all business involving the funds in its depository banks including transferring of assets, properties (real or personal) and bnak deposits.
Named as respondents of the order were KAPA chairman of the board and president Joel Apolinario, corporate secretary Reyna Apolinario, board members Modie Dagala, Benigno Tipan Jr., Marnilyn Maturan, Ricky Taer, Joji Jusay and Margie Danao.
KAPA-Community Ministry International, Inc. has a registered address in Bislig City, Surigao del Sur.