The part concerning Defendant A and F among the judgment of the court of first instance and the judgment of the court of second instance are reversed, respectively.

Defendant

A Punishment for A.

1. Summary of grounds for appeal;

A. Defendant A (1) due to the misunderstanding of facts in the lower judgment’s judgment, Defendant A (1) only assisted the projects in B, including arranging investment contracts between the N (hereinafter “N”) operated by B and the S (S) operated by R, and there is no relation between B and B in inducing investments from victims.

In addition, the Defendant introduced the studio of China to F, and helps the operation of studio scams, and it is not related to F’s N (hereinafter “2N”), and there is no relation to F’s attraction of investment funds from victims.

Nevertheless, the first instance court convicted the Defendant by misunderstanding the facts.

(2) The Defendant of the judgment of the second instance did not invite or participate in the F to attract foreign investors in Korea, nor did he gather money from domestic investors, and did not participate in the studio harassment operated by F in China.

Nevertheless, the second instance court convicted the Defendant by misunderstanding the facts.

(3) Each sentence (No. 1: imprisonment of 3 years and 6 months, and 8 months) sentenced by the court below on the defendant is too unreasonable.

B. Defendant B, C, D, and E1’s each sentence sentenced by the court below to the Defendants (Defendant B: imprisonment of three years; fine of three million won for Defendant C; fine of KRW 10 million for Defendant D; fine of KRW 10 million for Defendant E; and fine of KRW 5 million for Defendant E) is too unreasonable.

C. Each sentence (No. 1: imprisonment of 1 year and 6 months, and imprisonment of 6 months) which Defendant F declared by the original court against Defendant F is too unreasonable.

The prosecutor's 1st instance court's above punishment sentenced to the defendants is too unhued and unfair.

2. Determination

A. Defendant A, F (1) ex officio, Defendant A, F, and Prosecutor’s appeal against the said Defendants.