Ponzi Record

Philippines ยท To 2019 (shut down after SEC and government action in 2019)

Kapa-Community Ministry International

The Philippine SEC found that Kapa solicited P10,000 from the public as a donation in exchange for a 30 percent monthly return for life, which it called a blessing. Manila Bulletin reported that the court accepted SEC testimony that Kapa operated like a Ponzi scheme, paying early investors with money from later investors.2,1

Losses as statedNo official total was found in the sources reviewed. The case decided in December 2023 involved eight complainants.2
Victims as statedThe Inquirer reported that members ran in the millions at the 2019 peak.
Recovered for investorsNot confirmed in the sources reviewed. The court ordered P195,000 in damages to the eight complainants.1

People and outcomes

Joel Apolinario

Convicted on 12 December 2023 by Branch 33 of the Regional Trial Court of Butuan City of eight counts of syndicated estafa and sentenced to life imprisonment, with P195,000 in actual damages to complainants, as reported by the Inquirer and Manila Bulletin.1,2

Response: No response from the defendants or their lawyers is reported in the sources reviewed.1
Cristobal R. Baradad

Incorporator. Convicted with Apolinario on 12 December 2023 of eight counts of syndicated estafa and sentenced to life imprisonment.1,2

Response: No response is reported in the sources reviewed.1
Joji A. Jusay

Incorporator. Convicted with Apolinario on 12 December 2023 of eight counts of syndicated estafa and sentenced to life imprisonment.1,2

Response: No response is reported in the sources reviewed.1

Timeline

  1. SEC issues a cease and desist order, later made permanent.1
  2. SEC revokes Kapa's certificate of incorporation.1
  3. Freeze order obtained through the Anti-Money Laundering Council.1
  4. SEC files complaint for unauthorised sale of securities.1
  5. Butuan RTC convicts Apolinario, Baradad and Jusay of syndicated estafa.1,2

Sources

  1. Philippine Daily Inquirer, Kapa execs get life in prison for duping millions in Ponzi scheme (22 December 2023)
  2. Manila Bulletin, Kapa scam principals slapped life sentences (21 December 2023)