The prosecutor's appeal is dismissed.

1. The facts charged in this case as the representative of C from April 2015 to March 2017, 2017, controlled the overall management of C, including business explanation, attracting investment, and managing investment funds, and D was in charge of soliciting investors from March 2016, and the Defendant was in charge of soliciting investors from May 2016.

No one shall commit any act of receiving contributions under an agreement to make payment of the total amount of contributions or an amount in excess thereof from many and unspecified persons without obtaining authorization or permission from the authorities.

Nevertheless, on August 1, 2016, the Defendant, as the head of division in charge of the explanation of investment and solicitation of investment, etc., by entering D as the introduction to F, was transferred KRW 5 million from F on August 3, 2016 to the company’s bank account under the name of the Defendant, as well as from May 23, 2016 to December 1, 2016, to F, as indicated in the attached Table of the lower judgment, to the effect that “C is able to make an investment by operating various projects, such as real estate auction, beer project, siren project, siren, and food project, and making an investment, and the principal of the investment shall be returned within one to two months from the date on which the application for return was filed.” The Defendant received KRW 5 million from F on August 3, 2016 to the account of the Defendant’s company in the name of the Defendant, and received the total amount of KRW 100,000,00 from the Defendant.

Accordingly, the defendant, in collusion with B and D, engaged in an act of fund-raising business without delay.

2. The judgment of the court below is based on a detailed statement of specific facts and circumstances in the "3.3. Judgment of the court below", and in light of this, the evidence submitted by the prosecutor alone cannot be deemed as proved without reasonable doubt that the defendant has an intention to participate in the crime of this case led by BD or that the defendant has functional control through substantial contribution to the crime of this case.