A Imprisonment of one year and six months, and Defendant B shall be punished by imprisonment of two years and six months, respectively.

Defendant

A.

"2017 Gohap 163 - Defendant A

1. A violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) and the Defendant conspired with B to attract investors by precluding investment in a private horse race track, and the Defendant is in charge of raising investors, and B is in charge of managing funds.

In accordance with the above public offering, the defendant around July 15, 2014, at the "G" restaurant located in the Busan Metropolitan City F in Busan Metropolitan City, Busan Metropolitan City, to have the victim H pay a lot of money to operate a private race track.

After one week after investment, 10% of the principal of the investment shall be paid, and the principal shall be returned at any time if it is notified in advance one month prior to the investment.

From the same day to February 16, 2016, the Defendant received a total of KRW 50,9660,000 from 84 times as an investment deposit, as shown in the attached Table 1 List of Crimes Nos. 9 through 92, from the victim H to February 16, 2016. In the same manner, the Defendant received a total of KRW 1,43,610,000 from 164 victims over 164 times as an investment deposit, as shown in the attached Table 1.

However, at the time, the Defendant and B did not operate a private horse, and even the money remitted by the victims was planned to be used for personal purposes, such as living expenses, not for the operation of a private horse race track, so even if they received an investment from the victims, they did not have the intent or ability to pay the investment profits as originally promised and return the principal.

Accordingly, the defendant, in collusion with B, deceiving victims and received property from victims.

2. Any person who violates the Act on the Regulation of Similar Receiving Acts and subordinate statutes shall raise funds from many and unspecified persons without obtaining any authorization or permission, making any registration or report, etc. under other Acts and subordinate statutes;