By James A. Loyola
The Securities and Exchange Commission (SEC) is again warning the public against dealing with individual and groups representing Kapa-Community Ministry International (KAPA) “amid claims about the supposed revival of the investment scam.”
The Commission noted that “various posts on social media claim that KAPA would soon relaunch its operations under the name, KAPA Worldwide Ministry Association.”
It pointed out that, KAPA Worldwide Ministry Association is not registered either as a corporation or as a partnership. Furthermore, no secondary license to solicit investments from the public was issued under such name.
The Commission pointed out that KAPA could not have successfully registered another corporation, given its history of defrauding investors and a pending criminal complaint against it and its officers and promoters.
KAPA was formerly registered as a non-stock corporation. However, on April 3, the SEC revoked the certificate of incorporation of KAPA for serious misrepresentation of what it was doing or could do to the great damage or prejudice of the public.
KAPA was found to have solicited investments from the public without securing a secondary license and in a manner resembling a Ponzi scheme.