The defendant's appeal is dismissed.

Summary of Grounds for Appeal

A. The defendant is also a victim of mistake of facts, such as F and G, who has received an explanation about D from a higher investor, and made an investment by deceiving him/her, and the victim has invested in accordance with his/her own decision after hearing an explanation of D related to the facts charged from G other than the defendant. Thus, even though the defendant did not deceiving the victim and did not intend to commit fraud, the judgment of the court below which found him/her guilty of all the facts charged of this case is erroneous and adversely affected the conclusion of the judgment.

B. Even if there is no unreasonable sentencing, the lower court’s sentencing (fine of three million won) is too unreasonable.

Judgment

A. As to the assertion of mistake of facts, the following circumstances can be acknowledged by the evidence duly adopted and examined by the court below and the court below, namely, (i) the defendant started to operate a separate office with the superior investors since around December 2007 by taking over about 20 subordinate investors from D-related investors according to the direction of F and G, and (ii) the defendant, while managing the subordinate investors in the above office, separately recruited investors by himself; (iii) the defendant was paid investment money using the passbook in his name H and H I; and (iv) the defendant, after graduating at the university, believed that the defendant could continuously create profits from 280 to 320% of the superior investors; and (v) it is difficult to believe that the company that D would have been able to hear only the explanation of the superior investors and continuously create profits from 280 to 320% of the superior investors; and (v) the defendant did not start to operate the new office at the time of attracting new investments.