The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. The instant agreement between the Defendant and D is not an investment agreement but an investment agreement.

Therefore, the defendant's act does not constitute the act of fund-raising without delay.

B. The lower court’s sentencing of an unreasonable sentencing (7 million won of fine) is too unreasonable.

2. Determination on the grounds for appeal

A. The following facts are acknowledged according to the evidence duly admitted and investigated by the court below on the assertion of mistake of facts and misapprehension of legal principles.

① From March 2014, the Defendant posted an advertisement on the business of fund-raising in rice markets, etc. to the effect that from around March 2014, “investment solicitation, KRW 400,000,000 per month of investment, KRW 10,000 per month of investment, and KRW 100 per cent of the principal amount,” and that the Defendant had an agreement on the guarantee of principal at the time of investment attraction based on the said advertisement and the said advertisement

(Evidence Records 204-205, the Defendant’s Prosecutor’s Examination Record No. 204-205). (2) The Defendant received money from D by stating that “The Defendant is operating a product of high-income vehicle security loan, which has reported on the advertisement,” “I will pay 40% out of the monthly operating profits, and will guarantee principal.”

③ On June 24, 2014, upon D’s request, the Defendant: (a) drafted and issued to D a certificate of loan stating “4 automobiles, such as Adddy, as collateral; and (b) Lone million won is borrowed. The payment of interest is to pay 40% of the interest on the above vehicle and its profits.”

(4) The defendant is not authorized, permitted, registered, or reported under related Acts and subordinate statutes.

(2) According to the above facts of recognition, Defendant’s act as a business of raising funds from many and unspecified persons without obtaining authorization, permission, registration, reporting, etc. under other Acts and subordinate statutes, is an act of making investment in the future.