The defendant is not guilty. The summary of the judgment against the defendant shall be published.

1. The summary of the facts charged is that the Defendant was a director of E Co., Ltd. (E), which is a golf club membership trading company in 2009, and is currently the E’s representative director.

The Defendant, under the pretext of receiving commission fees for the sales agency of the I hotel sold at the early beginning of 2007, a company H (hereinafter “H”) that owns and operates a G golf course in the Gyeonggi City F (hereinafter “instant golf course”), in which the Defendant purchased the instant golf membership from a membership trading lawsuit, and changed the terms and conditions of the benefits of the instant golf membership from H to the same as the bearer membership, and then agreed with H to collect a considerable difference as a sales agency fee by returning the high price as if the Defendant was a bearer membership.

On July 13, 2009, the Defendant purchased membership rights (M; hereinafter referred to as “instant membership rights”) of the instant club owned by L from K in the name of E, and the said J around that time ordered the general affairs division of the instant club and employees to change the conditions such as the sports qualification of the instant membership rights to the same extent as the membership rights of the non-registered corporation. The Defendant sold the instant membership rights, the said benefit condition of which was changed to the membership rights of the non-registered corporation through the membership exchange.

However, in the case of golf memberships with a deposit system, the amount of the membership fee guaranteed by the right to claim the return of the membership differs in accordance with the benefits given, such as sports qualification and right to make a reservation, and the membership fee of this case, which is a registered membership, is merely KRW 100 million, but at that time, since the membership fee of this case is KRW 500 million, a person who intends to purchase golf membership through a registered membership exchange is the same as the registered member's membership.