The prosecutor's appeal is dismissed.

1. The Act on the Financial Investment Services and Capital Markets prohibits unregistered forestry to protect the financial market and investors by preventing unfair trading, etc. that disturbs the order of the capital market. The instant crime is unfair because the Defendant, without registering the financial investment business from March 24, 201 to August 30, 201, received an investment of KRW 493 million from E and received an investment of KRW 493,00,000 from E without registering the financial investment business, and it is not good to commit the instant crime. In light of the fact that the Defendant was unable to return approximately KRW 250,000,000 out of the money invested by E and was in large scale of damage caused by the instant crime, the lower court’s sentence that suspended the execution of the imprisonment for eight months is too unreasonable.

2. Determination: (a) there is no record of punishment exceeding a fine except for a person sentenced to a suspended sentence of two years on the one year and six months of imprisonment with labor for the same kind; (b) the Defendant made a mixed stock investment and received investment from E; (c) the Defendant did not receive an investment from any other person; (d) the Defendant received an investment from E during several times from March 24, 201 to August 30, 201, received an investment amount of KRW 493 million from E, and paid 20% of the proceeds to E at a certain period; and (e) the Defendant received an investment amount of KRW 240,000,000 from November 25, 2014 to KRW 240,000,000; and (e) the Defendant’s investment was made only with the investment amount of KRW 10,000,000 from E; and (e) the Defendant’s motive and circumstances leading the Defendant’s risk of suffering from injury; (e) the Defendant’s motive of injury.