The judgment of the court below is reversed.

Defendants shall be punished by imprisonment for not less than three years and six months.

An application filed by an applicant for compensation shall be dismissed.

1. The main point of the grounds for appeal is that each of the lower court’s sentencing against the Defendants is too unreasonable.

2. Determination

A. Determination of mistake of facts and misapprehension of legal principles as to the assertion of unfair sentencing (1) The Defendants asserted only the initial grounds for appeal. The Defendants asserted that, through a defense counsel’s opinion dated January 14, 2020 and March 4, 2020, the period for submitting the statement of grounds for appeal, which was after the date of filing the statement of grounds for appeal, the Defendants would give the victims a profit obtained by selling the subscription share if they were purchased and listed later. However, it is difficult to conclude that there was a risk of principal loss in the act of acquiring profits from the investment of shares, and that there is a higher risk than listed shares in the case of unlisted stocks than those of the victims. In particular, in the case of the victim Z of this case, it is difficult to conclude that the Defendants did not have the capacity to confirm the principal amount because they paid investment money to the Defendants on the basis of information and experience of open trade, etc., and thus, the Defendants did not have the capacity to pay the victims an additional amount of money by mistake or mistake from the beginning.