All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Defendant A 1) The Defendant A did not have conspired to acquire money from personal investors or receive investment money by using the means of deception and the other Defendants, nor did he participated in the criminal acts as stated in the judgment of the first instance court.

B) Defendant A, in collusion with Defendant B and Nonparty D, intended to receive the best payment of the share price, or entered false facts in the commercial registration electronic records, and did not use them. C) Even if Defendant A received the best payment in collusion, Defendant A used KRW 100 million for AC Co., Ltd. (hereinafter “L”), and thus, the maximum payment of share price is established only for the remaining KRW 100 million.

2) The sentencing of the first instance court of unfair sentencing (one year and six months of imprisonment) is too unreasonable. (b) Defendant B did not intend to acquire money from the other Defendants and the personal investors or to receive investment money by using the means of deception, and there is no participation in the criminal acts as stated in the first instance court’s decision. (b) Defendant B used 65 million won out of the share capital paid by Defendant B for L, and thus, the payment for the remaining KRW 135 million is established only for the remaining KRW 135 million.

2) The sentencing of the first instance court of unfair sentencing (one year and six months of imprisonment) is too unreasonable. C. Defendant C (Defendant C1) misunderstanding of facts in collusion with the remaining Defendants, without deceiving the victims as stated in the first instance court’s decision, and did not receive the investment by promising to pay the full amount of the investment.

Defendant

The first instance court which found all of the facts charged guilty has erred by misunderstanding facts against the rules of evidence.

2) The sentencing of the first instance court of unfair sentencing (one year of imprisonment and two years of suspended execution) is too unreasonable.

2. Judgment on the misunderstanding of facts and misapprehension of legal principles by the Defendants

A. The defendants' mistake of facts and mistake of facts.