Defendant

A Imprisonment for four years, Defendant B and C shall be punished by imprisonment for two years, respectively.

A. The lower court’s sentence against the prosecutor (unfair sentencing) is unreasonable as it is too unfortunate. (4 years of imprisonment with prison labor for Defendant A, Defendant B, and C: two years of imprisonment).

B. Defendant A asserts to the effect that Defendant A’s act does not constitute a financial investment business (collective investment business) under the Capital Market Act, on the premise that the instant crime through H and the crime through P are in a single comprehensive relationship, as alleged below in the misapprehension of the legal principles of Defendant C, Defendant A ought to be acquitted on the instant facts charged, and that the automatic trading system run by H does not constitute a financial investment business under the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”). As such, Defendant A’s act does not constitute a financial investment business (collective investment business) under the Capital Market Act, Defendant A cannot be punished as a violation of the Capital Market Act.

However, each of the above arguments by the Defendant cannot be deemed to be a legitimate ground for appeal on the ground that it was merely a legitimate ground for appeal, rather than a ground for appeal stated in the petition of appeal or the statement of reason for appeal, and only the content asserted in each defense counsel’s written opinion on February 28, 2017 and March 2, 2017, after the end of the period for submitting the

B1) In fact, investors of H have renewed the system use contract every three months, and some investors have received a return of the previous investment money again.

82,29,800,000 won, which the court below recognized as the amount obtained by deception, includes such overlapping investments, and when excluding all of them, the amount collected by H shall be 58,90,000 won in total from 2,113 investors, and when excluding all of them, the amount collected by H shall be 58,90,000 won in total from 2,113 investors. Even so, the court below erred by misapprehending the facts, thereby recognizing the amount acquired by the Defendants as above, and it constitutes an unlawful case where

2) The lower court’s sentence against the illegal Defendants is too unreasonable.

(c)

Defendant

C1) The Defendants’ act of soliciting investment funds through H (the instant crime) and the act of soliciting investment funds through P, all of which are committed by misunderstanding the legal principles.