The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for five years.

1. Summary of grounds for appeal;

A. Defendant 1) misunderstanding of facts or misunderstanding of legal principles in the statement of grounds for appeal, the Defendant, and his defense counsel asserted that there was no conspiracy with L, K, and B, who are the president D and the Defendant’s subordinate business operators, in the statement of grounds for appeal. However, on July 25, 2019, this court stated the summary of the pleadings on July 25, 2019, and then withdrawn the above assertion by stating counsel’s opinion on September 30, 2019 on the date of the seventh trial of this court. (A) The Defendant, except the investors who did not directly or indirectly recruit, is liable as joint principal offenders with D and limited to only the investors directly recruited by himself or indirectly through subordinate business operators.

Therefore, it is an investor who is not able to recognize the above facts of the defendant's participation, and is the computerized sales data [the evidence list submitted by the prosecutor(s) No. 5 of the evidence submitted by the prosecutor(s)].

) An investor, investor with ambiguous investment circumstances, investor directly managed by the company, or employee of the company, who is not indicated in the computerized sales data (Evidence No. 178, No. 178) of the Defendant (Evidence No. 178) cannot be found guilty.

(2) From September 2016, the Defendant had been unable to receive allowances from investors recruited through sub-business operators since September 9, 2016, as he/she left a public recruitment relationship with D, such as the resignation of executives of the C Group from office on coercion around September 2016 and suspension of all business activities.

Therefore, the part concerning investors recruited after September 9, 2016 cannot be found guilty.

(3) An AI team, GC team, GD team, GE team, AH team, CX team, CF team, GF (TF) team, excluding investors recruited by a separated team of the Defendant’s subordinate business.