[2011Gohap358]

1. The Defendant, from December 24, 2008, received investment from 13 members of the Korea Development Bank with C(C) shares 1,500,000 shares from 13 members for the purpose of acquiring management rights of C(C) from December 24, 2008, and was engaged in the business of keeping and managing the property of the Association as a representative member.

The defendant, around March 2009, failed to take over management rights of D Union C (State) and returned 1,085,000 shares, excluding 1,500 shares invested in the name of the victim E and 115,000 shares, which were managed by the union, to the publicly announced state of the Korea Stock Exchange on January 201, 200.

Accordingly, from March 2010, the victim clearly expressed his intention to receive the contribution property from the defendant, such as demanding the return of 115,000 shares of C(P) to the defendant through telephone conversations and cooperative visit.

As such, the Defendant, while keeping the above stocks for the D Association including the victim, was on duty before completion of the liquidation of D Association, disposed of them at will to C(State) on January 201 without obtaining the consent of other members, including the victim.

Accordingly, the Defendant embezzled 115,00 shares of C(P) equivalent to the market price of 1,564,000,000 won per share (based on the market price of 13,600 won per share of January 7, 2011) owned by members, including victims E.

[2011Gohap1254]

2. Fraud;

A. (F) On December 24, 2007, the Defendant borrowed the F (hereinafter “F”) shares, “Around December 24, 2007, the Defendant borrowed money from the State office of the victim H (H) located in Gangnam-gu Seoul Metropolitan Government to use the said shares as collateral, and the price of the shares fell below the collateral value due to the decline in the price of the shares, and if he/she borrowed the F shares owned by the Party, he/she would use the shares as collateral only to the extent of one week, and return them at the latest within the month at the latest.”

However, the defendant is guilty at the time of shares.