CAGAYAN DE ORO- A local court in Bislig City, Surigao del Norte, on Tuesday has issued warrants of arrest against the founder of KAPA-Community, an investment scam that defrauded its followers of millions of pesos.
The Securities and Exchange Commission in Northern Mindanao said the Bislig City Regional Trial Court Branch 29 issued the arrest warrants against KAPA founder and President Joel Apolinario , a former radio DJ, who started the investment scam in the city ten years ago.
The court also issued arrest warrants against Apolinario’s wife, Reyna, the SEC corporate secretary; along with its promoters identified as Marisol Diez; Adelfa Fernandico; Moises Mopia Reniones Catubigan.
SEC information officer Kathleen Emillie Navarra said their office has filed criminal complaints against the suspects for unauthorized sale or offering securities to the public.
“The scale of the investment scam could easily run up to hundreds of millions of pesos,” Navarra said.
Navarra said the suspects did this by offering the public a 30 percent monthly return of their investments.
Navarra said the investment scam became successful when they engaged the public on Facebook, Youtube, and other media platforms.
It became one of the biggest pyramiding scams in our country,” Navarra said. /rcg