1. Of the judgments of the first instance court, the part against the defendant in the judgment shall be modified as follows:

The plaintiffs' bankruptcy debtor.

1. The reasoning for the court's explanation on this part of the facts is as follows: ① from among the reasons stated in the 4th to 10th 7th 7th 11 of the judgment of the first instance (the part on the facts of recognition of 2.2." of the judgment of the first instance); ② from the 10th 11th to 11th 7 of the judgment of the first instance; ② from the 11th 9th 9 of the judgment of the first instance, the part on "A No. 13,27,35 (each judgment)" is written as "A No. 13"; ③ from the 8th 21st to the 9th 9th 1st eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth eth of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement)", the corresponding part on the judgment.

2. The gist of the plaintiffs' assertion B, while issuing the second and third subordinate bonds (hereinafter "the subordinate bonds of this case"), published the 10th financial statements in the relevant registration statement and the investment prospectus, and the joint defendant teachers' right corporation, etc. of the first instance trial who arranged the recruitment (hereinafter "the right to cross-guarantee") made a false statement on the financial status B while providing the above investment prospectus to the plaintiffs.

Accordingly, the plaintiffs purchased the subordinated bonds of this case by reliance on the financial status of B as stated in the registration statement and the investment prospectus, but in fact, the financial status of B was considerably bad, and eventually, the plaintiffs suffered losses that the above subordinated bonds cannot be repaid due to B's bankruptcy on March 7, 2012.

Therefore, to the plaintiffs who are the purchaser of the issuing market or who are the subsequent purchaser from them, B is selected by the Financial Investment Services and Capital Markets Act.

In accordance with Article 125(1)1 of the Act or Article 48(1) and Article 47 of the Financial Investment Services and Capital Markets Act, the plaintiffs suffered damages.