All appeals by the Defendants are dismissed.

1. The summary of the grounds for appeal (unfair sentencing) that the court below sentenced the Defendants (in the case of Defendant A: imprisonment of one year and six months, confiscation and collection KRW 549,39,398,315, Defendant B: imprisonment of six months and collection KRW 17,50,000, Defendant C: imprisonment of six months and collection KRW 9,000,000, Defendant E: imprisonment of six months and collection KRW 9,000,000, Defendant E: one year and additional collection of KRW 348,410,250).

2. Determination

A. The circumstances favorable to the common reasons for sentencing: both the Defendants appear to have led to the confession and reflect of the crimes.

D. Unauthorized financial investment instruments market: The act of establishing and operating an unauthorized financial investment instruments market shall be accompanied by the results of tax evasion, etc., which would encourage speculation by granting the same results as the participation of unspecified investors in investment transactions on more relaxed terms than the trading conditions of the permitted Exchange.

If there is no normal settlement in the course of trade, there is a great social harm, such as existence of a risk that may cause enormous damage to investors.

The crime of this case is committed in a systematic and planned manner by multiple accomplices, and the sum of commission received by the Defendants exceeds 1.7 billion won, and the amount actually invested in the actual transaction seems to be much higher than that of customers.

Defendant

B, C 등 스텝들은 VM(Virtual Machine)ware Workstation을 이용하여 거짓된 정보로 정회원 가입을 유도하는 등 범행 수법도 좋지 않다.

B. Individual sentencing grounds 1) Defendant A recognized all of the instant crimes, but the Defendant planned and planned the instant crimes, acquired a considerable portion of the profits from the instant crimes, and committed the instant crimes during the period of repeated crime.

In addition, there is a special change in circumstances that can differently determine the sentence of the court below in the appellate trial.