2. Defendant B shall be acquitted.

1. Violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) Defendant A is the chief director of a school juristic person E-private teaching institute and was in charge of the F (hereinafter “F”).

If the principal of a school juristic person or manager of a private school intends to sell, donate or exchange, change the use of, offer as security, or waive any obligation or right, he shall obtain the permission of the competent agency.

However, around January 31, 2007, Defendant A presented to the victim H a promissory note with the face value of one billion won issued by Defendant A (hereinafter “I”) on January 30, 2007 at the G restaurant near Ansan-si, Andong-si, stating in the second endorsement, “A chief director of the Foundation of the Foundation of the School Foundation for the School Foundation” as a color pen, and affixed a seal to the third endorsement of the educational foundation E-A, stating that Defendant A was “F president A” in the third endorsement.

In addition, Defendant A made a false statement to the victim that “I would use the Promissory Notes discounted for an individual purpose, and the construction of Yong-Nam, a major company in Daegu, made endorsement. In addition, Defendant A made a false statement to the victim that “I would like to use the Promissory Notes discounted for an individual purpose.”

However, the endorsement of the school juristic person E was subject to the resolution of the board of directors or without the permission of the competent authorities, and the promissory note was lent under the condition that Defendant A does not distribute it from Defendant A. The F did not have any specific property, and the F did not pay interest equivalent to KRW 100,000 per month on the 15 billion borrowed from the Dobong Saemaeul Saemaul Treasury to raise the land price for the commercial building project.