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

1. On April 2006, the Defendant invested approximately KRW 140 million per 1 person with the victim F and G, who scambling the “E” pension located in Yangsan City, and constructed the above pention. On the registration of the above pention, the Defendant entered into a partnership agreement with the victim F and the victim G to operate the above pention. Since May 2009, the Defendant had been able to manage the pention and manage the property, such as pention.

On April 16, 2010, the Defendant: (a) at the Yangsan registry office located in Yangsan-si, Yangsan-si, where ownership was transferred under the name of the Defendant due to the agreement with the victims on the same business with the victims; (b) installed a reinforced concrete structure and a wooden structure structure and a wooden structure 189.2 square meters on 2nd floor, 138.8 square meters on 2nd floor, and 138.8 square meters on 2nd floor (hereinafter “the instant pen”) on the same business property with the victims; (c) arbitrarily, without the consent of the victims who were the partners who were in custody as the property for the same business, the Defendant embezzled the above pent-si building by establishing a secured mortgage amount of KRW 65 million on her own without the consent of the victims; and (d) on November 11, 2010, at the Yangsan-si registry, the said pent-si National Bank, the maximum debt amount of KRW 150,420,000.

2. It is recognized that the Defendant established the right to collateral security at a financial institution in the manner stated in its reasoning with respect to the instant pension.

However, the following facts and circumstances acknowledged by the record, i.e., the defendant, from May 2009 under the agreement with the victim F and G, who is his own intermediary, decided to be entrusted with the operation of the instant pension from around May 2009; the defendant's establishment of the right to collateral security and the amount equivalent to 55 million won that the defendant borrowed to the water agricultural cooperative, as stated in its reasoning, appears to have used for each of the costs to obtain the permission from the authority to remodel the instant pension and obtain the approval; and the defendant's repayment on July 201, 201.