A's appeal is dismissed.

The part of the judgment of the court below regarding Defendant B, which dismissed the compensation order.

A. At the time of the original adjudication, Defendant A, in part of the facts charged, Defendant A, at the time of the original adjudication, was able to obtain an investment of KRW 250 million from the victim H, derived profits by means of developing and re-saleing the purchased real estate after being awarded a successful bid at a low price by public auction, and explained that Defendant A will guarantee the principal and interest of the investment by obtaining a beneficiary certificate with a trust of the purchased real estate, and then purchase NPL bonds with the investment money.

There was no fact that this claim was issued with beneficiary certificates in trust.

Even if such explanation was made, the NPL claim refers to a non-performing non-performing loan, and thus, even if it was used for the purchase price of real estate by the victim H, it constitutes an investment according to the method as explained in advance to the victim H.

Therefore, Defendant A cannot be deemed as deceiving the victim H as stated in this part of the facts charged.

In addition, Defendant A completed the provisional registration of the Category AT, AU, and AV land (hereinafter “AW land”) with the victim H, and the price of the above land reaches the victim H’s investment funds, so it cannot be deemed that Defendant A acquired the victim H’s property.

B) At the time of the original judgment, the part of the facts charged in this part of the facts charged is that the Defendants conspired to commit the crime of fraud and fund-raising without permission. However, Defendant A escaped from the conspiracy relationship after August 27, 2015, and the crime after the above date was committed by Defendant B alone. In particular, the crime of defraudation of victims L and M was committed solely by Defendant B, and Defendant A does not have any involvement in the discussion or criticism with Defendant B as to the above crime. 2) The sentence of unfair sentencing (two years of imprisonment) by the lower court is too unreasonable.

(b).