Part concerning Defendant B and C shall be reversed.

Defendant

B Imprisonment with prison labor of one year and six months, and Defendant C.

A. Defendant A’s appeal 1) misunderstanding the fact that Defendant A conspireds with K, N, and other Defendants to commit the instant fraud, and the organization of M and P Co., Ltd. (hereinafter collectively referred to as “M”) of the similar private company receiving the instant case can be largely divided into a group of business entities No. 1 (hereinafter referred to as “A group”) and a group of business entities No. 1 (hereinafter referred to as “B group”). Defendant A is involved only in the receipt of similar facts through Group A, and there is no participation in the operation of Group B.

Nevertheless, the lower court erred by recognizing Defendant A’s conspiracy to the above B Group, thereby finding the Defendant guilty.

2) The punishment sentenced by the lower court (three years of imprisonment) is too unreasonable.

B. Defendant B’s appeal 1) In fact, Defendant B was merely one of the general business operators of the Group B among the M organizations, and there was no doubt as to the operation of K, N, etc., and thus, Defendant B was liable as an accomplice for the instant crime.

subsection (b) of this section.

Even if Defendant B is liable as an accomplice, its scope should be limited to KRW 4630,020,000,000, which occurred through the Defendant and its subordinate business after August 29, 2015 when the initial investment was made through the introduction of Defendant B.

2) The punishment sentenced by the lower court (two years of imprisonment) is too unreasonable.

(c)

Defendant

C) On the ground of appeal No. 1), Defendant C is liable as co-offenders for the entire crime of this case, on the ground that Defendant C merely engaged in the role of secretary and the degree of management of its members according to K’s instruction and did not engage in activities of soliciting or attracting investors by participating in M management.

subsection (b) of this section.

2) The punishment sentenced by the lower court (two years of imprisonment) is too unreasonable.

2. Determination as to the Defendants’ assertion of mistake of facts.