Public Warned on Get-Rich-Quick Schemes

The City Government of Davao has warned the public about groups or companies enticing people to invest their hard-earned money in exchange for hefty returns.

The warning cited the Securities and Exchange Commission (SEC) advisory which mentioned Kapa Community Ministry International, Inc. and ALMAMICO (Alabel Maasim Small Scale Mining Cooperative).

Kapa, led by a certain Pastor Jun Apolinario, enticed the public to invest with a promise of 30 percent interest every month until forever in the guise of a “Deed of Donation” or “Certificate of Membership.”

According to the SEC advisory, Kapa is not authorized to solicit investments as it require a secondary license in accordance to the provisions (Sec. 8.1) of the Securities Regulation Code. Currently, Kapa do not possess a secondary license.

Persons engaging in these schemes may be held criminally liable, sanctioned or penalized.

Victims of these get-rich-quick schemes may report to the Anti-Scam Unit located at 3rd Floor, Lingap Bldg., A. Pichon St., Davao City or the SEC Davao Extension Office located at SDC Building, Purok 13, Ma-a Road, Ma-a, Davao City or call Tel. No. 298-2170

Meanwhile Davao City Mayor Sara Duterte warned the public that she is not connected to any of these groups which have been reported to be dropping the Duterte family name to entice investors.

“I’d like to inform everyone that I am not connected, I do not participate. I do not know Kappa or the owner of Kappa,” Mayor Duterte said. (PIA/RG Alama)