Defendant

A Imprisonment with prison labor for three years, and for ten months, and for six months, for Defendant C and Defendant D, respectively.

Punishment of the crime

[2] Defendant A and Defendant B recruited investors from September 2009 to October 201, 201 as the head of the business division in the “Stock Company E, which is a company that is a company that is a company that is a party that is a party that is an unregistered investment. B, as the representative of the said “Stock Company E,” from July 2009 to April 201, operated the investment fund by investing in stock options products, etc.

In order to compensate for the losses of investors who have suffered capital loss equivalent to the capital worth of KRW 00 billion from August 201, 201, Defendant A offered investment funds as the proposal of Defendant E, and Defendant B decided to operate the investment funds, and continue to operate the forestry business without registration from November 201, 201.

Defendant

A, as above, while running a forestry business without registration, will guarantee the principal of the investment to investors and pay 1% of the final profits each month in order to attract more investors.

In explaining, I planned to attract investors.

One kind of insurance designer and C are to receive allowances according to the investment funds solicited by Defendant A as each insurance designer, and to attract investment customers and invite investment funds.

1. No person who violates the Financial Investment Services and Capital Markets Act of Defendant A or Defendant B shall engage in forestry business for investment, which is engaged in the business of acquiring, disposing of, or operating in any other way by classifying financial investment instruments separately for investors, without registering his/her financial investment business under the Financial Investment Services and Capital Markets Act, by receiving the full or partial entrustment of judgment on investment in financial investment instruments from investors;

The Defendants did not register a financial investment business (investment-related forestry) with D and C, and Defendant A reported to G in Yongsan-gu Seoul, Yongsan-gu, Seoul, about September 30, 2010, with D's introduction, there is a large amount of 10 specialized investment human resources related to stocks in our company.

primarily investing in futures and options.