The judgment below

Of them, the part on Defendant B shall be reversed.

Defendant

B A person shall be punished by imprisonment for a year and eight months.

(b).

1. Summary of grounds for appeal;

A. Defendants 1) misunderstanding of facts as to the facts charged against Defendant B ① 1, 5, and 6 (the violation of the Act on the Regulation of Fraudulent and Unauthorized Receipt of Crimes against Victim L, M, and N) : Defendant A recommended investment to the victim L, M, and N at the time of the initial investment, and the said victims C (D; hereinafter referred to as “C”)

(2) Of the facts charged against Defendant B, the details of the investment made an investment in this part of the facts charged are as follows: (a) there is no fact that the said victims made an investment after the initial investment was made by deceiving the said victims at their own discretion; and (b) there is no fact that R made an investment by inducing them to make an investment. Of the facts charged against Defendant B, the number of offenses Nos. 7 through Nos. 10 (Violation of the Act on the Regulation of Conducting Unauthorized Receipt of Securities) is merely an investment by the solicitation of T investors, not the Defendants, but a subordinate investor, not the Defendants. Even if not, among these facts charged, the amount of KRW 1,725,00 on June 15, 2015 and KRW 3,450,00 (the first instance judgment Nos. 7-17,7-22 of the list of offenses attached to the judgment of the Defendants) is merely an investment by the Defendants, and thus, it cannot be deemed that the Defendants’ account holder was properly specified in the facts charged.

It is only the direct sale or introduction of the upper-tier investment solicitor who held the I, and most of the transferred money by the victims is about C.