All of the Prosecutor and the Defendants’ appeals are dismissed.

1. Summary of grounds for appeal;

A. Since the prosecutor (misunderstanding of facts and legal principles, Defendant A, C, and D)’s act of receiving similar goods in this case was conducted in the name of Lart, not an individual, the issue of whether the Defendants are unspecified persons should be determined from the standpoint of Lart, not the individual, and the Defendants should include the amount invested by the Defendants directly.

B. Defendants A, B, E, and F (Sentencing Sentencing) are excessively unreasonable for the sentence imposed by the lower court on the Defendants (Defendant A: a fine of KRW 17 million, Defendant B: a fine of KRW 6 million, Defendant E: a fine of KRW 14 million, Defendant F: a fine of KRW 3 million).

2) Defendant C did not know that Lart is a similar recipient company, and did not compete with M. The lower judgment calculated the maintenance cost part by including it in the amount received similar to M. As such, the lower judgment constitutes a case where the lower judgment affected the conclusion of the judgment due to mistake of fact or violation of statutes.

In addition, the sentence sentenced by the court of the court below to the defendant (the penalty of KRW 11 million) is too unreasonable.

3) Defendant D did not know that Lart was a similar recipient company, and there was no fact of conspiracy with M. Therefore, the lower judgment constitutes a case where there was a mistake of fact, which affected the conclusion of the judgment.

In addition, the sentence sentenced by the court of the original instance against the defendant (the penalty of KRW 13 million) is too unreasonable.

2. Determination on the misapprehension of facts and misapprehension of legal principles

A. As to the reasons for the prosecutor’s appeal, Article 2 of the Act on the Regulation of Similar Receiving Acts and Subordinate Statutes lists the types of similar receiving acts, which include “any of the following acts, engaged in the business of raising funds from many and unspecified persons without obtaining authorization, obtaining registration, filing a report, etc. pursuant to other Acts and subordinate statutes,” and which include “any of the following acts: