The prosecutor's appeal is dismissed.

1. The summary of the facts charged is that the Defendant is a director of Cheongju-si E Co., Ltd. (hereinafter “E”) located in Cheongju-si. The Defendant had a debt equivalent to KRW 2.7 billion in the process of operating E. The Defendant did not have good financial standing, such as the failure to pay taxes of KRW 200 million, and carried out the following projects and did not intend to list unlisted stocks on the KOSDAQ or return the purchase price received from the victims. However, at the office located in Gangnam-gu Seoul Metropolitan Government FF building, around July 20, 2013, the Defendant: “E’s unlisted stocks are increased for consideration and released to the public on June 1, 2014; “100,000,0000,000 won, including 0,000 won, and 10,0000,000 won, which were listed on the 20,000 won per share through a large-scale production system; and 10,000,0000 won,000.

2. The lower court determined that: (a) the Defendant did not have a good financial standing in the operation of the Defendant; and (b) acknowledged the fact that the victims purchased the Nonparty’s unlisted stocks after explaining and publicizing the Victim’s Filience and the future; (c) even based on the original witness K, M, and N’s statement, the Defendant’s publicity of Heb’s efficacy and efficacy by force on July 20, 2013.