The SEC said the KAPA officials violated Sections 8 and 28 of RA 8799. Section 8 prohibits the sale or distribution of securities without a registration statement filed and approved by the SEC. The agency said investigation showed that KAPA officials enticed the public to “donate” at least P10,000 in exchange for a 30 percent monthly “blessing” or “love gift” for life. KAPA officials were also found to own nine luxury cars, sport utility vehicles and a helicopter. It reiterated the government’s call for victims of the investment scam to file charges against KAPA officials.

Source: Philippine Star June 18, 2019 22:06 UTC