The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for not less than eight months.

However, the above punishment for a period of two years from the date this judgment becomes final and conclusive.

1. Summary of grounds for appeal;

A. In light of the fact-misunderstanding and misunderstanding of the legal principles, the unique nature of the investment of the instant case, the investment circumstances, etc., there is a criminal intent to acquire the investment of the instant case by fraud

shall not be deemed to exist.

B. Sentencing (the sentence of the lower court: 8 months)

2. Determination

A. As to the assertion of misunderstanding of facts and legal principles, insofar as the Defendant does not make a confession, the intent of defraudation, which is a constituent element of fraud, shall be determined by comprehensively taking into account the objective circumstances such as the Defendant’s financial history, environment, details of the crime, and the process of performing the transaction before and after the crime. Whether a certain act constitutes deception that causes a mistake of others, and whether such deception and disposal of property are related to the other party, should be determined objectively and objectively by taking into account the situation of the transaction, other party’s knowledge, character, experience, occupation, etc.

In a case where the defendant's act of disposal of the victim's property or the defendant's act that caused such disposal of property is closely related to the failure or performance of any business that the defendant plans, the existence of the relation with the deception or the defendant cannot be determined simply on the basis of the defendant's financial power or credit status, etc. The relationship between the victim and the defendant, the victim's awareness and involvement in the business, the detailed circumstances surrounding the victim's disposal of property in relation to the business, the possibility of success of the business concerned, and the experience and occupation of the victim, etc.

2) Although the lower court alleged to the effect that this part of the appeal is alleged as alleged in the grounds of appeal, the lower court convicted all of the facts charged of the instant case on the grounds of detailed reasons in the judgment.

As there is no objective reason to affect the formation of new conviction in the trial, the court below has duly adopted and investigated it.