All appeals by the defendants and prosecutor against the defendants are dismissed.

1. Summary of grounds for appeal;

A. The sentence imposed by the lower court on the Defendants (Defendant A: 1 year of imprisonment, 2 years of probation, 160 hours of community service, confiscation, 40,700,00 won, Defendant B’s imprisonment, 8 months of probation, 2 years of probation, 120 hours of community service, 9,00,00 won of confiscation, 9,00 won of penalty) are too unreasonable.

B. The sentence imposed by the prosecutor by the court below against the Defendants is too unhued and unreasonable.

2. We also examine the Defendants and the Prosecutor’s respective unfair arguments in sentencing.

In light of the fact that the Defendants recognized their criminal acts and violated their mistake in depth and did not repeat again, Defendant A did not have been punished in excess of the fine, and Defendant B was an initial offender who did not have any criminal history.

On the other hand, the Defendants conspired with multiple accomplices to operate or assist the instant private futures trading site. Such a crime is unfavorable to an unspecified number of investors for the following reasons: (a) promoting speculation by granting the same result as investing in futures transactions on more relaxed terms and conditions than the trading conditions (such as deposit money) of the Exchange permitted to allow them to participate in such transactions; (b) ensuring the fairness, transparency, and reliability of the capital market; (c) allowing large amount of illegal profits to be obtained; and (d) causing enormous damages to tax evasion or bona fide investors; (b) the Defendants committed the instant crime in a systematic and planned manner with multiple accomplices; (c) the Defendants committed the instant crime in question; (d) the degree of their participation is considerably large, and (e) the period of their operation is not short.

In addition to the above circumstances, various punishments shown in the records and arguments of this case, such as the age, sex, environment, motive, means and consequence of the crime, circumstances after the crime, equity with the accomplice, etc.