All appeals by the Defendants are dismissed.

1. The summary of the grounds for appeal against the Defendants is too unreasonable. Each sentence of the lower court (the Defendant A: imprisonment of eight months; the Defendant B; the fine of KRW 7,00,000) is too unreasonable.

2. The Defendants are contrary to the recognition of the instant crime by the Defendants, and the fact that the Defendants did not have any previous convictions other than twice a fine is a favorable sentencing condition for the Defendants.

However, in addition to the circumstances properly pointed out by the lower court, the Defendants opened and operated the financial investment instruments market without obtaining permission from the Exchange for a long time, and at the same time opened a gambling space to receive more than KRW 1.7 billion from many unspecified members, and the profits earned by Defendant A who led the commission of the crime seems to be considerable. Defendant B also knew of illegality, even though having been aware of it for a long time, committed the crime by receiving monthly pay from Defendant A and attempted to commit it, and other circumstances that are the conditions for sentencing as indicated in the instant case, such as the Defendants’ age, character and conduct, environment, family relationship, etc., it is not recognized that each of the lower court’s punishment against the Defendants is too unreasonable.

Therefore, the defendants and their defense counsel's above assertion of unfair sentencing is without merit.

3. In conclusion, the Defendants’ appeal is dismissed in accordance with Article 364(4) of the Criminal Procedure Act on the grounds that the appeal is without merit. It is so decided as per Disposition.