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

except that from the date of this judgment.

[2016 Highest 8169] Defendant A operated the company as the representative director of K (hereinafter “K”) with the purpose of golf membership sales business, etc., Defendant A was in charge of overall operation of the company, such as the development of similar golf club membership rights (hereinafter “pseudo golf club membership rights,” “pseudo golf club membership rights,” management of fund management account members, and management of sales offices. Defendant B, as Defendant A’s partner, was in charge of overall operation of the above company with Defendant A as a general director of the above company.

1. The Defendants’ joint crime (BF) committed a golf membership sales business with a loan extended to approximately KRW 10 billion, and the membership price offered as security has decreased to approximately KRW 10 billion, thereby failing to function as a collateral, and thus, the Defendants’ demand for repayment even out of the loan has been made. With a decrease in the sales amount of membership rights, the companies’ cumulative deficit amounting to KRW 787 billion in the year 2012, and KRW 1470 million in the year 2013, became worse.

Under such circumstances, the Defendants were willing to acquire money from many unspecified victims by selling “L”, a similar membership to substitute the fluort of the golf course for the purpose of resolving K’s financial difficulties.

The Defendants were in a situation that the financial position of K was not good, and the amount deposited from K to the sale of the above similar membership was higher than the amount of the subscription fee deposited to K, thereby causing losses to the sales of similar membership by itself. The Defendants were unable to form a large amount of investors by paying 8-15% of the subscription fee to the business employees or the heads of each branch office as sales commission in addition to the monthly wage, and it was difficult for them to pay 8-15% of the subscription fee to the sales commission. Accordingly, the result of the hotel sales right business and the travel product business connected with the above similar membership sales business is insufficient.