[Reversal] Defendant A, B, C, D, E, F, G, H, I, J, K, L, M, N, with the exception of the rejection of the application for compensation among the judgment below.

1. In the case of multiple parts below the scope of the trial in this Court, the co-defendant indicates only the defendant as "defendant" (in the case of multiple parts, "defendants"), and the co-defendants only indicate their names.

(a).

Defendant

H, J, K, L, and N Part 1) The lower court rendered the following judgment against the Defendants. ① Of the facts charged against Defendant H, it is limited to the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (hereinafter “Specific Economic Crimes Act”).

(ii)In relation to the violation (Fraud), a not guilty on the ground that it is difficult to see that there exists a commission of fraud on the ground of such violation, and it shall be judged not guilty on the ground that there is a commission of fraud, and the judgment of the court below [Attachment 1] which is within the same scope

A) Each fraud described in Nos. 1-8 through 3,613, and each fraud, and the Act on the Regulation of Conducting Fund-Raising Business without Permission (hereinafter “Act on the Conduct of Fund-Raising Business without Permission”).

(1) Defendant H was convicted of the violation of the Act, and the violation of the Act on the Fraud and the Act on the Receipt of Similar Information in Nos. 1 through 1-7 (hereinafter “the part excluded from Defendant H’s participation period”).

The following defendants J, K, L, and N:

2) The Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”) and the Financial Investment Services and Capital Markets Act

As to the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, the Defendant J acquitted the Defendant on the charge of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) because it is difficult to see that the commission of fraud has been acknowledged on the grounds. The Defendant J acquitted the Defendant on the charge of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (attached Form 1 / [Attachment 1] each of the frauds listed in No. 1-12 through No. 1177 of the crime list, each of the frauds listed in No. 1 through No. 1-11 of the crime list, and each of the frauds and the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud).