The judgment of the court below is reversed.

Defendant shall be punished by imprisonment for a term of 6 years and fine of 70,000,000 won.

The above fine shall be imposed on the defendant.

1. Summary of grounds for appeal;

가. 사실오인 및 법리오해 피고인은 원심판결에 ① 판결 선고 직전에 변경된 재판부가 이전 공판과정에서 드러난 피고인에게 유리한 사정을 의도적으로 누락하고 피고인에게 불리한 사정만을 선택하는 등 공판중심주의 및 직접심리주의를 위반한 위법과 ② 1차 펀딩과 관련하여 ‘나스닥 상장 예정인 것처럼 꾸몄다’는 공소사실을 임의로 ‘코넥스 및 코스닥 상장 예정인 것처럼 꾸몄다’고 변경하여 인정함으로써 불고불리 원칙을 위반한 위법도 있다고 주장하였다.

뒤에서 보는 바와 같이 이 법원은 ‘당심에서 검사가 위 ‘나스닥 상장 예정인 것처럼 꾸몄다

’는 공소사실을 ’코넥스 및 코스닥 상장 예정인 것처럼 꾸몄다

The judgment of the court below is reversed ex officio on the ground that the defendant applied for permission to change the contents of the amendment, and this court permitted it and rendered a judgment after re-examination. Therefore, it is not necessary to judge the above argument of the defendant.

The facts alleged by the defendant do not constitute an unlawful violation of the principle of court-oriented trial or the principle of direct trial.

1) Each part of the violation A of the Financial Investment Services and Capital Markets Act (A) does not constitute “financial investment instruments” and “securities” regulated by the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”) because the stocks are not non-commercial stocks.

B) With respect to the “first crowdfunding” in the holding of the lower court, the Defendant did not participate in the sale of the Fanon-investment association shares in the Fanon-investment trust agreement, and the issuance of new shares to the Fanon-investment trust agreement E is not a “invitation” as prescribed in Article 2(2) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act, and thus, it includes the sale of financial investment instruments (in the case of securities, public offering,

this section.