All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. Fact-finding 1) Defendant A Co., Ltd. (hereinafter “F”)

(2) Defendant B, who was aware of the fact that Defendant A’s horse and investment plan and the victim, made an investment in the manner of delivering it to the victim or explaining it, and the fact that Defendant B, who was aware of the fact that: (a) was aware of the fact that: (b) was aware of the fact that the Plaintiff and the victim was acting as a representative director; and (c) was aware of the fact that the Plaintiff was acting as a intermediary for real estate trading between F and the victim.

However, there is no fact that Defendant A carries out a real estate development project together with Defendant A or was directly involved in the victim’s real estate investment.

B. As the grounds of appeal on January 29, 2015, submitted by Defendant A on the grounds of appeal on January 29, 2015, stating the grounds of appeal that “the sentence of the court below is too unreasonable,” the above Defendant is deemed to have asserted the unfair sentencing as the grounds of

The punishment sentenced by the court below (Defendant A: 4 years of imprisonment and Defendant B: 3 years of imprisonment) is too unreasonable.

2. Determination

A. 1) Determination of the assertion of mistake of fact 1) Summary of the judgment of the court below - Defendant A also asserted the same purport as the grounds for appeal in this part.

The lower court, based on evidence duly adopted and examined by the lower court, established F, a real estate development company; prepared three business investment understanding notes with the victim under the name of N; and received KRW 620 million in total from the victim on three occasions under the name of land development investment; and the details of the Defendants’ personal use of part of the said money through F.