Defendant shall be punished by a fine of five million won.

The defendant does not pay the above fine.

In light of the fact that the Defendant was a person with basic understanding and knowledge of the financial system such as working as an insurance solicitor for several years, the Defendant did not go through a lawful procedure for confirmation as to whether C was a legitimate company, the Defendant contacted the above company for the purpose of obtaining high fees, and the Defendant was urged to receive education on the fact that the principal would be guaranteed in compensating for losses in the above company and return the amount above the principal amount to H in the future, etc., the Defendant may recognize the fact that the Defendant engaged in an act of fund-raising without obtaining authorization in collusion with D and E.

Nevertheless, the lower court erred by misapprehending the facts charged and adversely affecting the conclusion of the judgment.

Judgment

A. The summary of the facts charged of the instant case is prohibited from receiving contributions from an unspecified number of persons under an agreement to pay the total amount of contributions or an amount in excess thereof in the future without obtaining authorization or permission under other Acts and subordinate statutes.

In around 2016, the Defendant, as an insurance solicitor from around 2006, had engaged in financial design, such as insurance and fund subscription, from C office located in Seocho-gu Seoul Metropolitan Government, around D and E, to invest in derivatives such as C/C index, futures option, etc. in the amount and to guarantee the principal by paying interest with the proceeds therefrom. As such, the Defendant recruited investors upon receipt of a proposal that “if an investment is made in a financial product to many unspecified persons, the Defendant shall make an investment in the derivatives such as C/C index, futures option, etc., and shall make a request for payment of 8-10% of the amount of the investment.” The Defendant solicited the investment fund to play a role of inducing investors to transfer the investment fund to D or C’s account without obtaining the said D/ E’s authorization.

According to the above public offering, the Defendant is “G” located in Gangnam-gu Seoul Metropolitan Government F around January 2016.