All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. misunderstanding of facts and misunderstanding of legal principles) Defendant A cannot be said to have obtained money by deceiving the victim E and H in collusion with the above Defendant for the following reasons, there is an error of misunderstanding of facts and misunderstanding of legal principles in the judgment of the court below regarding the Defendant. ① The Defendant was merely an employee in charge of funds of the Construction Company C and believed that the business of the said Company was normally carried out, and the Defendant recommended the victim E and H to make an investment is not the Defendant but the above Defendant B and the president K and the vice president of the said Company. ② Each money recorded in the facts charged in the instant case (hereinafter “each money of this case”).

) The victim E’s investment funds as stated in paragraph (1) of the instant facts charged were used for the purpose of investment with the consent of the victims. In other words, the victim E’s investment funds were used to issue a surety insurance policy for the business of the said company for the purpose of the victim E’s investment. The victim E’s investment funds as stated in paragraph (2) of the instant facts charged were transferred to K for the apartment house business promoted by the said company in Beeneela. The victim E’s investment funds as stated in paragraph (3) of the instant facts charged were used for the relocation of the school affiliated with the F, its site, the public housing project promoted in Indonesia. Of the victim’s investment funds as stated in paragraph (4) of the instant facts charged, 50 million won out of the victim’s investment funds were used to promote the Indonesian project, and returned to the victim E’s investment funds as stated in paragraph (5) of the instant facts charged to the said victim. The victim’s investment funds were returned to the said victim’s private housing development project and the Plaintiff’s company and the company affiliated with the said company.