All appeals by the Defendants are dismissed.

1. The summary of the grounds for appeal is unreasonable in light of the following: (a) the Defendants were committed each of the instant crimes while committing the instant crimes; (b) the Defendants were unable to obtain actual benefits from each of the instant crimes; and (c) the Defendants were faced with economic difficulties; (b) the lower court’s sentence against the Defendants (Defendant A: the suspended sentence of two years and fines of two million won in prison in October; (c) the suspended sentence of two years and fines of thirty million won in prison; (d) confiscation; (e) Defendant B; and (e) the suspended sentence of two years and fines of twenty million won in prison in August.

2. One-time, Defendant A did not have the same criminal record, Defendant B was the first offender, and there were some extenuating circumstances such as the Defendants’ failure to commit each of the crimes in this case. However, the Defendants engaged in financial investment trading business for a considerable period of time without obtaining financial investment business authorization. However, there is a need for strict punishment in that the Defendants’ act may undermine the fairness and reliability of the capital market and undermine the stable protection of investors. The Defendants received notice of the closure of the H’s site as it is illegal futures trading site from the KFcom at the time of operation of the H’s site, even if they were notified of the fact that the said site was closed, and even after the closure of the said site, the Defendants recruited members near to about 8 months and 200,000 won, and acquired money from the above members under the pretext of acquisition of labor cost and damages. However, in light of the Act on Criminal Transactions and Guarantee of Secrecy and Guarantee of Secrecy, etc., the Defendants appeared to have taken into account the fact that the above site was considerably more than 450,0,00,000,00,00 won.