The judgment below

The part against the Defendants is reversed.

Defendant

A shall be sentenced to four years of imprisonment, and attached Form C shall be subject to the judgment of the defendant.

1. Summary of grounds for appeal;

A. Defendant C was guilty of all the facts charged of this case, although Defendant C was only one of the investors with N’s subordinate business (class of department) and the joint Defendant A and B had not operated the N business, the lower court found Defendant C guilty of all of the facts charged of this case. In so doing, the lower court erred by misapprehending the facts and affecting the conclusion of the judgment.

B. The punishment of each sentence (Defendant A: Imprisonment with prison labor for 5 years, confiscation, Defendant C: Imprisonment with prison labor for 2 years and 6 months, confiscation) declared by the lower court is too unreasonable.

2. Determination

A. (1) According to the records of the latter part of Article 37 of the Criminal Act (Defendant C), Defendant C may be recognized as having been sentenced to a two-month suspended sentence of imprisonment on February 18, 2014 for a violation of the Act on the Regulation of Similar Receiving Acts at the Daejeon District Court on March 20, 2015, and the judgment became final and conclusive on March 20, 2015. Since the crime of fraud by victim as stated in the attached Table Nos. 1 through 437 of the Act on the Regulation of Similar Receiving Acts, which became final and conclusive, and the crime of fraud by victim as stated in the attached Table No. 37 of the Criminal Act with respect to Defendant C is in a concurrent crime after Article 37 of the Criminal Act, the lower court determined that the crime of fraud by victim as stated in the attached Table No. 1 to 437 of the crime committed prior to the final and conclusive judgment should be sentenced separately by dividing the punishment for each of the crimes committed by each victim and the remaining crimes after the said final judgment.

2) Of the instant facts charged against the Defendants, the summary of the fraud described in the attached Table Nos. 7218 through 7229, as indicated in the judgment of the Defendants’ holding, with respect to the Defendants, is as follows: (a) the summary of the fraud described in the attached Table Nos. 7218 through 729, among the instant facts charged against the Defendants is as follows: (b) “In collusion with the Defendants, in collusion with the Defendant Co-Defendant B at the lower court’s joint office, from January 6, 2015 to August 27, 2015, the Defendants are located on the fourth floor of the Gangnam-gu Seoul OO building.