All appeals by the Defendants are dismissed.

1. Each sentence of the first instance on the summary of the grounds of appeal by the Defendants (Defendant B: 6 months of imprisonment, 2 years of suspended sentence, 80 hours of community service, 8 months of suspended sentence, 2 years of suspended sentence, 120 hours of community service) is too unreasonable.

2. The Defendants are divided into their mistakes, Defendant A is the first offender, and the rest Defendants did not have any criminal record exceeding the fine, and the Defendants appear to have been engaged in the operation of the instant illegal futures trading site by receiving benefits from F, etc. can be considered as favorable circumstances for the Defendants.

However, among the financial investment goods, futures are highly dangerous goods that may cause losses exceeding the principal invested by the investor. Accordingly, the relevant laws and regulations have various regulations on futures investment. As such, the Defendants’ crime of evading the above regulations to protect bona fide investors due to the instant crime is not less and less severe. The Defendants, on a systematic basis for seven months, share an essential role in the operation of each illegal futures trading site, and the collected investment amount reaches approximately KRW 4.8 billion. In full view of all other circumstances shown in the records and arguments of this case, including the Defendants’ age, sex, career, environment, motive of the crime, etc., the first instance court’s punishment imposed on the Defendants cannot be deemed unfair, and the Defendants’ assertion cannot be accepted.

3. If so, the Defendants’ appeal is without merit, and all of them are dismissed in accordance with Article 364(4) of the Criminal Procedure Act.