The Securities and Exchange Commission reiterated it advice to the public to avoid dealing with individual and groups representing Kapa-Community Ministry International amid claims about the supposed revival of the investment scam.
The SEC issued the statement over the weekend after various posts on social media claimed that KAPA would soon relaunch its operations under the name, KAPA Worldwide Ministry Association.
The SEC said KAPA Worldwide Ministry Association was not registered either as a corporation or as a partnership. It also has no secondary license to solicit investments from the public was issued under such name.
The SEC said KAPA could have not 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. The SEC on April 3 revoked its certificate of incorporation for serious misrepresentation.