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April 10, 2021
THE Court of Appeals (CA) has upheld the order of the Securities and Exchange Commission (SEC) revoking the certificate of incorporation of Kapa Community Minis try International for its fraudulent investment taking activities.
In an 18 page decision dated March 11, 2021, the CA Special 16th Division held that the SEC validly acquired exclusive jurisdiction over the petition for the revocation of Kapa’s incorporation, heard the petition with due process and subsequently rendered the assailed decision upon solid ground and substantial evidence.
The Commission En Banc issued the order of revocation on April 3, 2019 after finding that Kapa had offered and sold securities in the form of investment contracts and in the guise of donations without the necessary license from the SEC and in a manner resembling a Ponzi scheme. ....

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