All appeals are dismissed.

The grounds of appeal are examined.

The judgment below

Examining the reasoning in light of the relevant legal principles and records, it is justifiable for the court below to maintain the judgment of the court of first instance that acquitted Defendants on the charge of facts charged against Defendants (as to Defendant D, the registration of loan business, etc. and the violation of the Act on the Protection of Financial Users) on the grounds stated in its reasoning.

In so doing, the lower court did not err by failing to exhaust all necessary deliberations, as alleged in the grounds of appeal, by exceeding the bounds of free evaluation due to violation of logical and empirical rules, or by misapprehending the legal doctrine on the registration of loan business and the interpretation of “loan business” under the Act on the Protection of Financial Users.

Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.