All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. The lower court’s judgment that the Defendant’s act of attracting funds was conducted through the intermediate transaction of actual goods, but constitutes an act of receiving similar goods, is erroneous in the misapprehension of legal doctrine and the incomplete deliberation.

B. Fact-misunderstanding (Defendant B) did not know of the circumstances in which the act of receiving similar goods was prohibited by law, and the co-defendant A complied with due process.

Since it was believed only, there is no intention on the receipt of the similar act, or there is no possibility of expectation on the lawful act.

(c)

The sentence of the court below (defendant A: imprisonment of 2 years and 6 months; imprisonment of 10 months and suspended execution of 2 years) is too unreasonable.

2. The lower court, based on the following circumstances acknowledged by the evidence duly adopted and investigated by Defendant A’s misapprehension of the legal doctrine and the hearing failure, determined that: (a) in light of the Defendant’s explanation to investors, the Defendant’s act of attracting investment by the Defendant constitutes a similar receiving act not mediating real transaction, in light of the following: (b) the Defendant did not enter into a disposal contract, such as a sales contract for the land (hereinafter “G”) or between the Defendant and the investors; and (c) the purchase of the land was deemed to have been used as a means to pay profits to the investment; and (b) the transfer security established by G to investors was merely an intent to secure the recovery of the investment amount by the investors.

However, the following circumstances acknowledged by the evidence examined by the court below regarding the contents of the court below, i.e., G is located in the North Yongcheon-do, and the investors appear to have not been delivered the objects or to have failed to dispose of them by themselves as the general public living in Incheon, and ii) the Defendant has earned profits during the growth period of the land.