The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for not less than two years and six months.

There are two bankbooks (B, C) seized, one gallon doctrine 8, one.

1. Summary of grounds for appeal by the defendant;

A. misunderstanding of facts and misunderstanding of legal principles 1) The Defendant is merely the victim who believed the horses of D and paid KRW 100 million to D for the purchase cost of merchandise coupons, and there was no conspiracy between D and the instant crime. 2) The victim H had been investing in merchandise coupons from August 2015 before the Defendant was involved in the instant case, and thus, it cannot be deemed that the Defendant committed a disposal act by causing a mistake due to the Defendant’s act.

B. The sentence imposed by the court below on the defendant (three years of imprisonment) is too unreasonable.

2. Judgment on the misconception of facts and misapprehension of legal principles by the defendant

A. The Defendant and D and E conspired with the victim H, and the Defendant argued to the effect that this part of the lower judgment was the same as the allegation in the lower court. The lower court rejected the Defendant’s assertion by holding that: (a) from June 2018, 2018, the Defendant conspireds with D and E to recognize the following circumstances based on the adopted evidence; (b) by deceiving D and E to guarantee the principal when investing in the department store merchandise sales business; and (c) by deceiving the victim H to pay high-amount profits; and (d) the Defendant received the investment money from the victim H as described in the facts charged; and (a) the Defendant conspired to receive the investment money as described in D and E’s aforementioned fraud and similar receiving act; and (a) the Defendant also argued that the Defendant was merely a victim who paid D KRW 100 million at the cost of purchasing merchandise coupons.

However, in relation to the instant fraud, the Defendant received investment money from the victims using the account in the name of X-Y (Y), and transferred money from the victims as well as deposited investment money from the victims.