MANILA - The Securities and Exchange Commission on Monday sounded the alarm against the resurgence of an alleged investment scam by religious group Kapa Community Ministry International.
The SEC earlier this year revoked Kapa's certificate of registration for allegedly promising its members a 30-percent return for their donations without the required government license.
Supporters recently claimed that the group would soon relaunch its operations under the name Kapa Worldwide Ministry Association, but this is not registered with the SEC, said SEC chairman, Atty. Emilio Aquino.
"Hindi natin pinapayagan so long as pini-pursue nila iyong ganoong klaseng scheme: may pay in, may pay out; may capital donation... Iyong investment nila more than the usual donation to a ministry," he told radio DZMM.
(We are not allowing them as long they are pursuin that kind of scheme: payment in; payment out; there's a capital donation. Their investment is more than the usual donation to a ministry.)
New funds given to Kapa, he said, could be used to pay earlier investors.
SEC is preparing a second wave of complaints against the group's supporters for "peddling disinformation," he said.
The first case filed by the SEC against Kapa had been submitted for resolution at the justice department, Aquino added.
Kapa denied fraudulently selling investments, saying its followers instead get "blessings."
Kapa founder Pastor Joel Apolinario went into hiding after a manhunt operation was launched against him.