The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for three years.

However, the period of five years from the date this judgment becomes final and conclusive.

1. In full view of the evidence duly admitted and examined by the lower court, the following facts are recognized:

A. On December 7, 2018, the Defendant entered into a sales contract on the condition that the Defendant would purchase the instant real estate in KRW 2,313 square meters in the name of the victim’s wife, J-J-type 10,535 square meters in the name of the victim, and buildings on the ground thereof, 101.42 square meters in the name of the victim, K 280 square meters, and L38 square meters (hereinafter collectively referred to as “the instant real estate”), and that the Defendant would purchase the instant real estate in KRW 2.8 billion in the value of the instant real estate, and that the down payment would take over KRW 830,000,000,000 in the collateral security obligation already established for the instant real estate.

B. On December 7, 2018, the Defendant: (a) received documents necessary for the establishment of the right to collateral security on the instant real estate from the victimized party before receiving ownership transfer; and (b) obtained loans from NFF to set up a right to collateral security at KRW 1.5 billion; and (c) obtained reimbursement of KRW 830 million for the existing obligation to collateral security on the instant real estate. On the same day, the Defendant revoked the right to collateral security by cancelling the right to collateral security.

(c)

On January 17, 2019, the Defendant: (a) received documents necessary for the establishment of the right to collateral security on the instant real estate from the injured party; (b) borrowed KRW 2 billion from Q Q 2.6 billion; and (c) obtained loans from Q 1.5 billion in repayment of the first collateral security obligation on the same day.

(d)

On June 21, 2019, the Defendant: (a) received documents necessary for the establishment of the right to collateral security on the instant real estate from the injured party; and (b) obtained a loan of KRW 2.2 billion from the S Union; and (c) revoked the right to collateral security of KRW 2.2 billion on the same day by paying the debt of KRW 2 billion to the 2.2 billion.

2. Summary of grounds for appeal;

A. Defendant 1).