The judgment of the court below is reversed.

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

1. Summary of grounds for appeal;

A. In light of the circumstances such as U, victims who proposed and led the instant crime were U, victims who received allowances or merchandise coupons, and were not directly involved in multi-stage business, Defendant was suffering from sufferings due to long-term flight life for a period of seven years from October 2007 to July 2014, Defendant was punished with fines, and Defendant AG, E, and D agreed with the Defendant, the punishment of two years and six months sentenced by the lower court is too unreasonable.

B. In light of the fact that the amount of fraud by the prosecutor of this case exceeds 11.9 billion won, the defendant is a person who was in the position of the president and was responsible for the criminal act of this case, and thus, it cannot be deemed that the criminal defendant is merely subject to the criminal liability, and that the defendant has never endeavored to pay damages, etc., the punishment sentenced by the court below is too unreasonable.

2. Determinations (1) Many persons conspired to systematically replace a corporation and obtain high profits from many victims, and (2) even if a significant portion of the acquisition amount was paid as allowances to the victims, there are still a large amount of damage that has not been paid, and the amount of the crime of this case is 1.9 billion won, and there are many victims. (3) The defendant did not lead the crime of this case because he was a person who is located at the full location of the crime of this case and has very heavy responsibility for the crime of this case. However, although the court below duly adopted and investigated, the defendant continued to have been in the position of the chairperson, i.e., the name of the corporation was changed, and ii) the defendant was operated by the defendant.