All appeals by the Defendants and the Prosecutor are dismissed.

All applications for compensation order shall be dismissed by applicants.

1. Summary of grounds for appeal;

A. Defendants (1) misunderstanding the facts as follows: (a) each complainant has arranged and received commission for a direct fX-related transaction through H; (b) in such a case, the complainants, who are residents, violated Article 184 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act (hereinafter “Capital Markets Act”); (c) regardless of the fact that the complainants violated Article 184 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act, H, the counter party to the brokerage transaction contract, violated the Capital Market Act.

Therefore, the Defendants cannot be punished.

(2) Each sentence of the lower court (Defendant A: 8 months of imprisonment, 2 years of probation, 80 hours of community service, 5 million won of fine, 10 million won of fine, and 10 million won of fine) against the illegal Defendants in sentencing is too unreasonable.

B. A prosecutor (1) misunderstanding the facts (1) (not guilty part in the judgment of the court below) Defendant A and B, despite the P&D operated by H, are advertised as if they were a foreign-authorized financial institution. The advertisement made an exaggerated advertisement exceeding the ordinary permissible scope on the return, stability, etc. in terms of the content of the advertisement, and the substance was merely an automatic transaction of the FX M&C, but it was merely an automatic transaction, but it was introduced as if it was a specific authorized financial product.

(2) The lower court’s respective sentences against the illegal Defendants are too unfasible and unfair.

2. Determination on the defendant's case

A. The court below rejected the Defendants’ assertion on this part of the Defendants’ assertion in detail under the title “determination on the Defendants’ and their respective defense counsel’s assertion” in the judgment. In light of the following circumstances acknowledged by the evidence duly admitted and investigated by the court below, the court below’s act from the financial committee members’ meeting pursuant to Article 12 of the Capital Market Act.