All appeals by the Defendants and the Prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Defendants A) 1 through misunderstanding of facts (Defendant A) ① Defendant A did not participate in the act of fund-raising through N (hereinafter “N”) except for one case received from the victim’sO.

② Defendant A operated the Victim L and T Co., Ltd. (hereinafter “T”) as a partnership business, and thus, it cannot be said that the said victim was deceiving.

③ The victim AO is merely an intermediate delivery of investment funds, and thus cannot be said to be a victim of fraud.

B) The lower court’s sentence (2013 high-speed 2963) through 10, 15 through 17, 47 through 57, 60 through 128, 131 through 134, 138 through 143, 145 through 219, 223 through 228, 237, 237, 238, 2013 and 3474, 203 through 374, 293 and 2541 to 37, 206 to 364 and 374, 203 and 47, 204 to 37, 203 and 47, 204 to 364 and 374, 204 and 3641 to 37, 203 and 37, 294 and 361 to 293, respectively.

3) The sentence of Defendant C’s imprisonment (three years of imprisonment) is too heavy. 4) Defendant D violated the rules of evidence against the rules of evidence, and mistake of facts ① 2013 order2693.