The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. Since the Defendant received the purchase price from the purchaser of the land and paid the rent to the purchaser, the Defendant did not engage in an act of fund-raising without permission, since it did not constitute an act of fund-raising without permission.

Nevertheless, the lower court erred by misapprehending the facts or by misapprehending the legal principles, thereby adversely affecting the conclusion of the judgment.

B. The lower court’s sentence of unreasonable sentencing (one year and six months of imprisonment, and four years of suspended execution) is too unreasonable.

2. Judgment on misconception of facts or misapprehension of legal principles

A. In light of the legislative intent of the Act on the Regulation of Conducting Fund-Raising Business without Permission under the relevant legal principles, even if the revenue of a fund is formally mediating the transaction of goods, it may be deemed that the transaction of goods is disguised or ice in substance. Moreover, if the revenue of the fund was agreed to pay the total amount of investment or an amount exceeding it in the future and raise funds from many unspecified persons without approval or permission under the finance-related Acts and subordinate statutes, it constitutes an act of fund-raising

(See Supreme Court Decision 2005Do7120 Decided December 9, 2005, Supreme Court Decision 2007Do2144 Decided June 1, 2007, etc.). B.

Judgment

Comprehensively taking account of the following facts and circumstances acknowledged by the evidence duly adopted and examined by the court below and the trial court, Defendant’s act constitutes an act of fund-raising from many unspecified persons under the agreement to pay the total amount of money invested or an amount exceeding it in the future by precluding transaction of land share, and thus, Defendant’s assertion on this constitutes an act of fund-raising without delay prohibited by the Act on the Regulation of Conducting Fund-Raising Business without Permission is without merit.

1. The defendant is ① Military Si S.