The prosecutor's appeal is dismissed.

1. The summary of the grounds for appeal (legal scenarios) is that the defendant did not have the ability to commence the program within one year in light of the financial situation, etc. at the time when he received the instant investment funds from the victim F, and the defendant could sufficiently be recognized by deceiving the victim of his ability to mobilization of funds and the source of investment funds and by deceiving the victim of the investment funds, but the first instance court erred by misapprehending the legal principles on the criminal intent of defraudation, thereby making it erroneous for the defendant to have had no criminal intent to commit fraud.

2. Based on the evidence duly adopted and examined by the first instance court and the detailed facts acknowledged based on the records, the evidence submitted by the defendant alone cannot be deemed to have received investment funds from F without the intent to use the project progress, and there is no evidence to deem that the defendant did not have any intent or ability to pay the profits from the project to investors. Accordingly, even if the defendant received investment funds from F, the defendant's judgment that he did not constitute a crime of fraud with respect to the facts of this case under the premise that he did not have any intent or ability to pay half of the profits from the project progress, it is reasonable that the defendant's measures that found the defendant not guilty was just, and there is no error of law in the misapprehension of legal principles as to the crime of defraudation in fraud as pointed out by the prosecutor in the judgment of the first instance court. Therefore, the prosecutor's assertion is not acceptable.

3. In conclusion, the prosecutor's appeal is dismissed under Article 364 (4) of the Criminal Procedure Act on the ground that it is without merit.