All parts of the judgment of the first instance except the compensation order shall be reversed.

Defendant

Imprisonment with prison labor for A.

1. Summary of grounds for appeal;

A. Defendant A: Unfair sentencing. B

Defendant

B: Error of facts (as to each fraud, Defendant B merely explained the investors about the V cosmetic business in accordance with the direction of Defendant A as an employee of Defendant N corporation, and thus did not participate in the business with Defendant A or joint processing, did not have any functional control, and Defendant B did not have any intent to commit the crime of fraud) misunderstanding of legal principles (as to the violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission, X, Z, and AA invested through the start-up business investment company, it cannot be deemed as a business of raising funds against many unspecified persons, since X, Z, and AA are a specific minority). 2. The decision of this court on February 2.

A. Determination ex officio (Defendant A) prior to the judgment on the grounds of appeal by Defendant A, the Prosecutor removed the fraudulent part of KRW 3,00,000 as indicated in the list of crimes (Attachment 2) from the charges of the case No. 2012 Go-Ma4519 as indicated in the judgment of the first instance court against Defendant A, and changed the sum of KRW 132,90,000 as stated in the list of crimes (hereinafter “135,90,000”) to KRW 132,90,000 as stated in the same list of crimes, and accordingly, the crime of KRW 135,90,000 as stated in the charges of the case No. 4519 (3) of the case No. 2012 Go-Ma4519 (hereinafter “the charges of the case No. 135,900,000) as to the total amount of loans extended by the victims 16 times in total and 1350,000 won.