1. Examining the reasoning of the lower judgment as to the Defendant’s grounds of appeal in light of the evidence duly admitted by the lower court, the lower court, on the grounds stated in its reasoning, determined that the Defendant was guilty of fraud on January 20, 2012 among the facts charged in the instant case, and thus, is justifiable to reverse the judgment of the first instance which acquitted the Defendant, and to have pronounced guilty. In so doing, contrary to what is alleged in the grounds of appeal, the lower

2. Examining the reasoning of the lower judgment on the grounds of appeal by the prosecutor in light of the records, the lower court is justifiable to reverse the judgment of the first instance court convicting the Defendant on the ground that there was no proof of crime as to the fraud of KRW 57 million in total on April 14, 2008; May 15, 2008; May 16, 2008; and May 16, 2008; and KRW 7 million in total on November 4, 2011. In so doing, the lower court did not err by exceeding the bounds of the principle of free evaluation of evidence against the logical and empirical rules; and contrary to what is alleged in the grounds of appeal, there were no errors by exceeding the bounds of the principle of free evaluation of evidence; or by failing to exhaust all necessary deliberations.

3. Therefore, all appeals are dismissed. It is so decided as per Disposition by the assent of all participating Justices on the bench.