The judgment below

The remainder, excluding the part of the application for compensation order, shall be reversed.

Defendant shall be punished by imprisonment for a period of three years and six months.

1. Summary of grounds for appeal;

A. (1) In fact-finding of facts, the lower court found the Defendant guilty of this part of the facts charged and thereby adversely affecting the conclusion of the judgment, notwithstanding the fact that the Defendant, in fact, committed fraud against the Victim F with the F and the husband and wife, only received business funds from F while deceiving F and defrauding the money.

(2) Each fraud against the victim E, D, H, and J (A) The victims knew that the Defendant would engage in a credit business and made an investment in the Defendant to receive high interest, thereby making profits therefrom. The Defendant incurred a significant loss in the credit business or various businesses directly operated or invested, thereby preventing the payment of the interest and principal of the victims, and there is no fact of deceiving the said victims to acquire money.

(B) Even if the crime of fraud is recognized against the Defendant, the Defendant had provided normal interest to the victims while running a credit business on or before May 201, and began with the so-called “fashion”, which means that the victims are aware of the victims and pays their interest to the victims with the money borrowed from the victims, because it is difficult after the above period of time to provide real estate or construction services, due to the lack of financial circumstances. Therefore, it is not recognized that a crime of fraud is committed against the money that the Defendant received from the victims prior to the above period.

(C) Nevertheless, the lower court erred by misapprehending the facts charged against the above victims, thereby adversely affecting the conclusion of the judgment.

B. The lower court’s four-year sentence of imprisonment imposed on the Defendant is too unreasonable.

2. Determination

A. Prior to the judgment on the grounds of appeal by the defendant, the prosecutor examined the case ex officio prior to the judgment on the grounds of appeal by the defendant, and the part on the fraud against the victim H among the facts charged in the instant case.