The prosecutor's appeal is dismissed.

1. In light of the summary of the grounds for appeal, the records of the defendant, the financial situation at the time, the period during which the defendant was engaged in the education of a private teaching institute, etc., the defendant did not have the intent and ability to pay profits to the victims or register the research institute in the name of

2. As the judgment of the court below properly states, ① the Defendant appears to have intended to establish and operate a private teaching institute as if the Defendant actually established and received tuition fees from the students; ② the Defendant agreed to pay the victims a fixed amount, not a fixed amount, but a fixed amount of profit, and ③ whether the victims paid the Defendant an investment amount to the victims with the main purpose of allocating the profits from the Defendant and registered the private teaching institute in the name of the victims cannot be deemed as the essence of the investment contract.

The court below was justified in finding the victim not guilty on the ground that the defendant had the intent and ability to pay the proceeds to the victims at the time of receiving the investment funds from the victims, as long as no new evidence was submitted in the trial.

Therefore, prosecutor's assertion is without merit.

3. In conclusion, the prosecutor's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act as it is without merit. It is so decided as per Disposition.