All appeals by the prosecutor and the defendant are dismissed.

1. Summary of grounds for appeal;

A. The prosecutor(s) did not cause a loss to the victim E with only his/her only technique, guaranteed the principal, and made a false statement that he/she is responsible for and paid the insurance premium. According to the evidence submitted by the prosecutor, it is reasonable to determine the criminal intent of defraudation against the defendant.

B. Defendant (1) misunderstanding of facts or misunderstanding of legal principles that Defendant (1) operated the E’s investment fund is merely an attempt to work in a favorable aspect with respect to the inducement of insurance, and thus, it cannot be deemed that Defendant continued to operate a discretionary investment business for the purpose of gaining such profit by continuous or repeated means.

(2) The sentence imposed by the lower court on the Defendant (two years of suspended sentence for six months of imprisonment) is too unreasonable.

2. Judgment on the prosecutor's assertion

A. A. The summary of the facts charged is that the Defendant does not lose money because there are special methods such as “20 million won to invest in futures options” at G offices located in Gangnam-gu Seoul on March 2010, not to make a lump sum investment, but to trade in a set of money, and to make a call purchase and put to put to order.

It will pay insurance premiums of 10 million won per month of variable social insurance with earnings from futures options for 25 months.

Even if there is a loss of investment money, insurance money will be paid in advance.

The principal shall be held liable if the principal has been damaged;

"......"

However, there was no such special method as above. The defendant paid insurance premiums of KRW 10 million every month with the proceeds of futures options even though the defendant received insurance premiums from insurance companies. As such, there was no intention or ability to assume liability when the victim E suffered losses.

As above, the defendant deceivings the victim, and is under the name of the victim managed by the defendant on April 26, 2010 from the victim.