The judgment of the court below is reversed.

The accused shall announce the summary of the judgment of innocence.

The instant application for compensation was filed.

1. Summary of grounds for appeal by the defendant;

A. Fact-misunderstanding, misunderstanding of legal principles, the instant fraud is closely related to the failure of H school projects.

In consideration of the relationship between the defendant and the victim, the victim's awareness and involvement in the relevant business, the detailed background of the victim's disposal of property in relation to the relevant business, the possibility of success of the relevant business, the victim's experience and occupation, the reason why the profitability of the instant business has deteriorated, and the fund user, etc., it is difficult to recognize

The victim's statement that he/she believed and invested in only the management plan is not reliable due to lack of consistency.

As a real estate business entity, the victim invested not only in promising the international school project of this case but also in religious honor.

B. The punishment sentenced by the lower court (four years of imprisonment) is too unreasonable.

2. Determination [Summarys: Determination of which act in fraud constitutes deception that causes mistake to another person; and whether such deception and disposal of property are related to the other party’s act should be made generally and objectively in consideration of the specific circumstances at the time of the act, such as the transaction, the other party’s knowledge, character, experience, occupation, etc.

In particular, in a case where the defendant's act of disposal of the victim's property or the defendant's act that caused such disposal of property is closely related to the failure or performance of any business that the defendant plans, the existence of the relation with the deception or the defendant cannot be determined simply on the basis of the defendant's financial power or credit status, and the relationship between the victim and the defendant, the victim's awareness and involvement in the business, the detailed circumstances in which the victim caused the disposal of property in relation to the business in question, the possibility of success of the business in question, and the experience and occupation of the victim should be determined generally and objectively.