TOP > News > Kapa Founder Faces Arrest for Syndicated Estafa, a Non-Bailable Offense
March 25, 2020 Published

The arrest warrant was issued by the Cagayan De Oro City Regional Trial Court Branch 21.

In an email sent to BitPinas, the Securities and Exchange Commission (SEC) said KAPA Founder Joel Apolinario is facing new arrest warrant, this time for Syndicated Estafa. Mr. Apolinario and others previously surrendered and posted bail on investment charges. Syndicated Estafa, however, is a non-bailable offense, which means the KAPA founder is facing jail this time.

The arrest warrant was issued by the Cagayan De Oro City Regional Trial Court Branch 21.

Previously, a warrant of arrest was issued by the Bislig City Regional Trial Court Branch 29 against Mr. Apolinario and 6 others for violations of the Securities Regulation Code (SRC). Mr. Apolinario posted bail while facing these charges, which were filed by the prosecutors at the Department of Justice (DOJ). DOJ accused KAPA of “willfully, unlawfully and criminally engaging in the selling or offering for sale or distribution of securities in the Philippines without a registration statement duly filed with and approved by the SEC.” DOJ also charged KAPA, Mr. Apolinario, and several others of violating Section 26.1 of the SRC for promoting the investment scam.

The SEC initially filed a complaint on June 18, 2019 against KAPA when they found out that the religious group is enticing the public to invest, under the guise of “love offering”, or “offering” in exchange for a 30% monthly return for life. It was also in June 2019 when the SEC secured a freeze order covering KAPA’s assets, which include bank accounts, cryptocurrency holdings, and properties.

Here are the relevant sections of the SRC:

  • Section 8(8.1): Securities shall not be sold or offered for sale within the Philippines with a registration statement duly filed and approved by the SEC.
  • Section 26.1: It is unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to employ any device, scheme, or artifice to defraud.
  • Section 28: No person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman or an associated person of any broker or dealer unless registered with the SEC.

This article is published on BitPinas: Kapa Founder Faces Arrest for Syndicated Estafa, a Non-Bailable Offence

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