All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Since Defendant A received investment from ordinary investors and transferred the proceeds to the futures account under the name of J operated by Defendant A, and after applying for a trade under the name of J, Defendant A carries out futures trading in the way of receiving the proceeds from the futures account from the futures company to the above futures account, Defendant A is the party carrying out futures trading between the futures company and the party carrying out futures trading, and also the subject of economic effects or profit and loss accrued from futures trading

Therefore, the Defendant, on his own account, traded financial investment instruments through an investment broker, and thus, it is unnecessary to obtain a financial investment business authorization under Article 7(6)2 of the Financial Investment Services and Capital Markets Act, but the lower court determined that the Defendant engaged in the investment brokerage business without obtaining authorization from the competent authority and sentenced the Defendant guilty. The lower court erred by misapprehending the legal doctrine and misapprehending the legal doctrine.

B. Defendant B, C, D, Defendant C, and E were not engaged in business after closing the business at the time specified in the facts charged in the instant case, and thus, they cannot be held legally liable for them.

In addition, Defendant B and D merely lent a deposit to ordinary investors to engage in financial investment business and received interest thereon, and they did not receive fees from ordinary investors in relation to financial investment transactions, or have ordinary investors produce HTS itself and let ordinary investors engage in financial investment transactions through such transaction. Since ordinary investors conducted financial investment transactions through HTS of a securities company, an investment broker using a loan account and a deposit received from the said Defendants, the said Defendants are not engaging in the investment brokerage business, but subject to Article 7(6)2 of the Financial Investment Services and Capital Markets Act.