The prosecutor's appeal is dismissed.

1. On February 14, 2013, the Defendant was sentenced to a suspended sentence of six months for a violation of the Financial Investment Services and Capital Markets Act at the Daegu District Court, and the said judgment became final and conclusive on August 22, 2013.

From March 15, 2005, the Defendant had been working as an insurance solicitor (FSR) at the B C branch from around March 15, 2005, and had D receive money from the futures option investment, and had D pay KRW 6 million every month in the name of D using money, and had it receive allowances, etc. related to the above insurance.

No one may engage in discretionary investment business, without making a registration for the financial investment business to the Financial Services Commission.

Nevertheless, the Defendant, without registering the financial investment business as of October 14, 2010, operated financial investment instruments with the full discretion of D, by acquiring and disposing of options from October 14, 2010 to April 24, 2012, as KRW 110,000,000,000 delivered from D with a ID and password for Samsung Securities CMA account and futures/observer account.

2. The lower court: (a) acknowledged the fact that the Defendant did not register the financial investment business from April 28, 201 to January 24, 201, and operated financial investment instruments with the full discretion of investment judgment from the victim E on February 14, 201, which was sentenced to a suspended sentence of two years for a violation of the Financial Investment Services and Capital Markets Act at the Daegu District Court on February 14, 2013; and (b) recognized the fact that the said judgment became final and conclusive on August 22, 2013; (c) on the facts charged of this case committed before the said judgment and the facts charged of this case were related to the crime for which the judgment became final and conclusive, and thus, was invalidated on the grounds that the said judgment became final and conclusive, and thus, the facts charged of this case

3. Criminal facts for which the above judgment became final and conclusive are the gist of reasons for appeal.