The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for four months.

1. Summary of grounds for appeal;

A. Error of facts or misunderstanding of legal principles that the defendant received money as a loan from the victims and did not receive money as a loan, but does not constitute an act of receiving money without permission from many and unspecified persons, and thus, the judgment of the court below which convicted him.

B. In light of the various sentencing conditions in the instant case of unfair sentencing, the lower court’s imprisonment (eight months of imprisonment) against the Defendant is too unreasonable.

2. Judgment on misconception of facts or misapprehension of legal principles

A. The summary of the facts charged of this case shall not be a business of raising funds from many and unspecified persons without obtaining authorization, permission, registration, reporting, etc. under other Acts and subordinate statutes.

Around April 2008, the Defendant agreed to create a annual interest rate of 24% with welfare when investing KRW 100 million to D, and agreed to return the above earnings and the investment principal after one year, thereby making a business of raising funds from many unspecified persons without obtaining authorization or permission under other Acts and subordinate statutes or filing a registration report, etc. as shown in the attached crime list from August 30, 2006 to January 2, 2009, including the receipt of KRW 397,60,000 from five persons as shown in the attached crime list from August 30 to January 2, 2009.

B. On the judgment of the court below, in light of the legislative purport, etc. of Article 3 of the Act on the Regulation of Conducting Fund-Raising Business without Permission, the court below solicited the victims to pay the principal and interest rate of 24% per annum to make direct investments, as well as to raise funds from those who are not completely dismissed, such as soliciting investors through advertisements.