All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Defendant A 1) The Defendant is guilty of facts or of misapprehension of legal principles as Defendant D (hereinafter “D”).

(ii)investment in the business operated by it was not the person operating the D Seoul Center, and only delivered the investment money to other investors, and there was no direct management of the investment money account. (ii) The sentence imposed by the lower court of unfair sentencing (one year and six months of imprisonment and two years of suspended execution) is too unreasonable.

B. Defendant B (1) misunderstanding of facts or misunderstanding of legal principles did not directly participate in the investor recruitment process, even though the Defendant intended to have the membership registration or offered the office for the investors of D. (2) The sentence imposed by the lower court of unfair sentencing (two months of imprisonment and two years of suspended execution) is too unreasonable.

2. Determination

A. The following facts and circumstances acknowledged by the evidence duly adopted and investigated by the court below as to the assertion of misunderstanding of facts or misapprehension of legal principles, i.e., (i) the defendant stated in an investigative agency that "it is possible to guarantee the principal within 25 weeks if it invests in D with an unspecified number of investors even after being aware of the fact that D investment had not obtained authorization or permission related to financial business," and that "it has been recommended to make an investment in D" (Evidence No. 409-410). (Evidence No. 40, No. 209-10, the defendant directly solicited subordinate business entities, such as Y, Y and Z, and directly received investment from unspecified sub-business entities, and (ii) the defendant leased D Seoul office with another investor for temporary business activities. However, as long as the defendant recruited investors by directly leasing the above office, the term of lease of the office or the other investor is not the short-term investment.