Among them, the part on the violation of the Act on the Public Notice of Values and Appraisal of Real Estate against Defendant A.

A. Since Defendant A conspired with M, etc. in order, and prepared a false appraisal statement essential for fraud loans, and it is recognized that he/she served as a key part of his/her fraud crime, the Defendant committed fraud in collusion with M, etc.

B. Defendant B, C, and D have independently prepared an appraisal report without the direction and supervision of the appraiser and obtained the Defendants’ approval formally. This clearly violates the former Act on the Public Notice of Values and Appraisal of Real Estate (amended by Act No. 13796, Jan. 19, 2016; hereinafter “Real Estate Public Notice Act”).

(c)

Defendant

As long as it is recognized that real estate disclosure law has been violated against E B, C, and D, Defendant E (hereinafter “E”) also violates the Real Estate Disclosure Act.

2. Determination

A. The summary of the charge of this part of the charge is as follows: (a) Defendant (A) purchased real estate together with K, L, M, and N under the name of “B” and forged a trading contract by stating a higher trading price than the actual purchase price; and (b) obtained an appraisal report stating a higher appraisal price than the market price using the above contract, and thereby obtained a real estate loan exceeding the actual trading price from a financial institution; and (c) made a false appraisal statement stating a higher appraisal price than the actual trading price based on the forged transaction contract, etc., and made a public offering in order to prepare and issue a false appraisal statement stating a higher market price than the actual trading price.

On or around December 12, 2014, the Defendant, along with M, owns Q, buyer, and sales price, as to “R land” (hereinafter “R land”) at the headquarters of the branch office located in the head office located in the cooperative of the victim Pulon P., Qu, S, and sales price.