All appeals by the defendant and the prosecutor are dismissed.

1. The court below rejected all the applications for compensation order filed by the applicant D and E, and the applicant for compensation cannot file an objection against the judgment dismissing the application for compensation pursuant to Article 32(4) of the Act on Special Cases Concerning the Promotion, etc. of Legal Proceedings. Since each of the above applications for compensation was immediately finalized, the part dismissing the above application for compensation order is excluded from the scope of the trial of this court.

2. Summary of reasons for appeal;

A. The punishment sentenced by the lower court against the Defendant (unfair sentencing) is too unreasonable.

B. Prosecutor 1) The Defendant was guilty of fraud of KRW 120 million against the victim F by mistake of fact (non-guilty part). The Defendant, based on the same deception and investment conditions as each of the investment frauds found guilty by the lower court, was attracting investment from the victim F by exaggerationing its own ability, corporate circumstances, and investment prospects.

The victim F’s money was started to be operated in the H store located in The AC department store (hereinafter “the instant AC store”). However, the Defendant did not have a situation where the Defendant would have been able to engage in a sex or high profit-making business as at the time of receiving money from the victim F, and the Defendant did not have the ability to continuously pay or return the principal of the investment at the end of the investment period.

Nevertheless, the defendant mentioned the victim F in an exaggeration about the status or prospects of the business, and it was not true that the victim F was about the situation where the victim F was to expand the business in an unreasonable manner with the money received from the victim F without any particular asset or sale as its initial fund.

In addition, since the defendant has operated and managed the Fund of the AC Burial of this case, the victim F will transfer the remaining amount to the defendant after proposing the profits he/she has to receive out of the sales amount.