SEC chair Emilio Aquino said Kapa
'amassed wealth through an investment scam in the guise of religion and at the expense of the investing public.'
The SEC has already issued a cease and desist order enjoining KAPA
The Court of Appeals, meanwhile, issued a freeze order on the bank accounts of KAPA
. Aside from KAPA
, the SEC also issued an advisory against Munificence Ministry which represents itself as a non-profit organization and operating under the entity Interdenominational Evangelical Church Ministries Inc.
And what the Kapa
agents have added to claim legitimacy is its alleged name dropping of leading political personalities like Mayor Sara Duterte-Carpio, resigned Vice Mayor Pulong Duterte, and even the President.
Gierran pointed out that Kapa
was "using religion to shield its organization from its unlawful solicitation of investments from the public through the employment of deceits, false pretenses and/or fraudulent acts."
The three members, all Metro Manila-based, gave P500,000, P45,000 and P30,000, respectively, to Kapa
Ministry between March 13 to June 3 this year.
Ako ay hindi kailan man pinangakuan ng kahit sino man sa Kapa
na susuklian ang aking donasyon ng kahit ano mang gantimpala, tubo, interes, kita o kahit ano pa mang material na bagay (I gave my donation expecting nothing in return nor was I promised that I would be given a donation, reward, interest or earning or any material thing),"Ampo claimed in his desistance.
Earlier on Tuesday, the SEC issued a statement denouncing KAPA
's misrepresentation of the agency in social-media posts that made it appear the SEC had given its nod to a new investment-gathering round by the KAPA
also falsely claimed that it already filed with the SEC an application for a secondary license to sell and offer for sale securities to the public.
In this exhibition, which will remain on display until Sunday, Kapa
will show her latest ceramic works, which may remind the viewer of ancient Greek pieces.
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