The judgment of the court below is reversed.

Defendant shall be punished by a fine of KRW 10,000,000.

The above fine shall not be paid by the defendant.

1. Summary of grounds for appeal;

A. In light of the legal principles, the Defendant was only engaged in multiple futures trading with delegation from B1 and did not perform futures trading by being invested from a large number of investors and being divided into “investment-by-investment”. Therefore, the Defendant’s act is under the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”).

Although it does not constitute “investment-related forestry,” the lower court found the Defendant guilty of the facts charged. In so determining, the lower court erred by misapprehending the legal doctrine, thereby adversely affecting the conclusion of the judgment.

B. The sentence of the lower court (6 months of imprisonment, 2 years of suspended execution) against the illegal defendant is too unreasonable.

2. Determination

A. According to Article 6(1) of the Capital Market Act as to the assertion of misapprehension of the legal doctrine, the term “collective investment business” means a business that continues or repeatedly engages in a financial investment business “for the purpose of earning profits,” “collective investment business,” “investment business,” and “collective investment business” in this Act means a business that engages in collective investment, “B,” and “collective investment business” means a business that engages in collective investment, and “collective investment” means a business that acquires, disposes of, or operates by other means, assets with property value, such as money, etc. collected from at least two investors, without being given regular instructions from investors or fund managing entities, and distributes the results therefrom to vest in the investment or fund managing entities.

The term "high and investment-day forestry" in this Act means the business of acquiring, disposing of, and managing financial investment instruments by other means by receiving from investors all or part of investment decisions on financial investment instruments.

As stipulated in the respective provisions of the Capital Market Act, the other party to investment solicitation is two persons, unlike “collective investment business”, in defining “daily investment business.”