All appeals by the Defendants are dismissed.

Defendants are jointly and severally liable for compensation to the New World Co., Ltd. 31.

1. Summary of grounds for appeal;

A. Defendant A (misunderstanding of the facts and misapprehension of the legal doctrine) In relation to the charge of the commission of securities, the above Defendant merely recognized that, among the crimes of this case, forged checks used by himself (hereinafter referred to as the “instant commission check”) were the check in default and did not know whether it constitutes a forged check.

There is no proof that the above defendant forged the check of this case or the above defendant knew that the same check was forged at the time of using the check of this case.

Nevertheless, the court below found the defendant guilty of this part of the facts charged, and the court below erred by misunderstanding facts and affecting the conclusion of the judgment.

B) In relation to the violation of the Illegal Check Control Act, the Defendant merely entered the check in blank (hereinafter “the check in this case”) related to the violation of the Illegal Check Control Act among the crimes in this case, by exercising the right to fill the check in blank, and it does not deviate from the scope of the exercise of the right to fill the blank.

Nevertheless, the lower court found the Defendant guilty of this part of the facts charged. In so determining, the lower court erred by misapprehending the legal doctrine, thereby affecting the conclusion

C) From March 14, 2014 of the 2015 Highest 489, the Defendant did not commit any crime under this part of the facts charged in relation to fraud.

Nevertheless, the court below found the defendant guilty of this part of the facts charged, and the court below erred by misunderstanding facts and affecting the conclusion of the judgment.

2) The sentence sentenced by the court below to the above defendant (a punishment of 8 years of imprisonment and fine of 20 million won, confiscation) is too unreasonable.

B. Defendant C (unfair sentencing)’s punishment sentenced by the lower court to the above Defendant (a prison term of two years and six months and confiscation) is too unreasonable.

2. Determination

A. Judgment on the grounds of appeal by Defendant A