However, the execution of the above punishment shall be suspended for two years from the date this judgment becomes final and conclusive.

[2017 Highest 2794] The Defendant is a person who has been engaged in the management and operation of the funds of the 3rd private investment association as the members of the 4th private investment association.

On April 2015, the Defendant: (a) invested in S&D Co., Ltd; (b) received global income deduction benefits; and (c) distributed the remaining property after deducting the operating expenses of the investment association from investment profits, operating profits, and principal invested capital in proportion to the equity investment amount of each member; and (d) paid interest of 4-5% per annum on a three-month basis; (b) constituted “D third-party private investment association”; (c) KRW 50 million from members E, KRW 25 million from F, and KRW 10 million from G with the number of accounts in the name of each member of the said association; and (d) kept the said association for business purposes.

Defendant 1: (a) the amount of KRW 14 million on May 15, 2015, from the above cooperative account;

5.19.1 million won;

6.9.70 million won was voluntarily withdrawn and granted a loan to I for embezzlement.

[2017 Highest 4593] The Defendant, from June 2015, invested in a golf club media by establishing a victim J, K, L, M, and small and medium enterprise start-up start-up business start-up business start-up business start-up business start-up business start-up business start-up business start-up business start-up business start-up business start-up, would establish a “D Private Investment Association No. 4,” which receives benefits from global income deduction and distributes profits from the investment and operation of the association. Around June 16, 2015, the Defendant kept for the victim by receiving 15 million won from the victim J to the KEB bank bank account in the name of

6. around 17. Around June 16, 2015, at I’s office located on the fifteenth floor of the Gangnam-gu Seoul NN building, arbitrarily lent the above amount of KRW 15 million to that person, and the same year from around June 16, 2015, as indicated in the list of crimes in the attached Form.

8. The same year from June 17, 2015 to the victims who received a total of KRW 85 million from the victims to the above deposit account and transferred the amount to the victims.

9.2. By the end of February, 9.00,000 won will be paid to I at will not later than four times.