1. Examining the reasoning of the lower judgment as to the Defendant’s ground of appeal in light of the evidence duly admitted by the lower court, the lower court was justifiable to have found the Defendant guilty of fraud among the facts charged in the instant case on the grounds stated in its reasoning. In so doing, the lower court did not err by exceeding the bounds of the principle of free evaluation of evidence

2. Examining the reasoning of the lower judgment on the grounds of appeal by the prosecutor in light of the records, the lower court is justifiable to reverse the judgment of the first instance that found the Defendant guilty on the ground that the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) among the instant facts charged constitutes a case where there is no proof of criminal facts. In so doing, the lower court did not err by exceeding the bounds of the principle of free evaluation of evidence against logical

3. Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.