SEC Issues Warning on Fake News About KAPA’s Return to Business

The Securities and Exchange Commission (SEC) has renewed its warning against misinformation or false news that KAPA investment scam is back in operations.

“The Commission takes note of the false claims by Kapa Community Ministry International (KAPA), in particular, on social media. Supposedly, the group was poised to secure the necessary licenses to resume its operations,” SEC said in a statement.

The government agency said KAPA falsely claimed that the Bangko Sentral ng Pilipinas (BSP) has released a statement purportedly approving its investment scheme and questioning delays on the part of SEC. The central bank refuted such claim, officials said.

“KAPA also falsely claimed that it already filed with SEC an application for a secondary license to sell and offer for sale securities to the public,” SEC added.

The SEC explained that it has not received any documents from KAPA for any secondary license.

“The Commission has not received any application for a secondary license from KAPA, as verified by the SEC Company Registration and Monitoring Department (CRMD). Besides, KAPA does not have a juridical personality to make such application,” the statement said.

Several groups related to KAPA are posting about the possible return of the investment scam in September.

Source: https://filipinotimes.net