The prosecutor's appeal is dismissed.

1. In full view of the summary of the grounds for appeal (the fact-finding) and the evidence submitted by the prosecutor, the judgment of the court below which acquitted the defendant of the facts charged, but it erred by mistake of facts.

2. The summary of the facts charged is a person who operated a company B, which is an online game service provider, from August 2002 to April 2014.

Since June 2012, the Defendant, upon the lack of the company’s operating capital, guaranteed the principal of investment on the face of B by attracting B’s investment funds from Kapets members, and promised B to make a bypass listing in advance at the time of a bypass listing, with intent to make an investment solicitation through E.

No one shall engage in any act of receiving money, etc. from many and unspecified persons without obtaining authorization, permission, registration, reporting, etc. under Acts and subordinate statutes for the future to pay the full amount of investment or an amount in excess thereof.

Nevertheless, the Defendant did not obtain authorization and permission under the laws and regulations at an infinite place on July 5, 2012, and without obtaining E through E, is entitled to participate by up to 100 % per annum, including the principal, for two years from July 16, 2012, with the title “F” as “F.”

The phrase " shall be written in writing, and the entry in the attached Form shall be omitted from July 15, 2012 to July 20, 2012.

The Defendant received total of KRW 1.614 billion from total of 182 D Caf members to E’s bank account in the name of E, and received KRW 1.614 billion from E on July 20, 2012.

Accordingly, the Defendant conspiredd with E to receive the fund without delay.

3. Determination

A. The lower court’s judgment, in order to establish a joint principal offender, is a subjective requirement, and is a joint doctor as an objective element.