The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for six months.

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

1. Summary of grounds for appeal;

A. Fact-finding: (a) the Defendant, who was in charge of the management and operation of an agricultural company, became the subject of investment by investors; (b) the Defendant did not have any obligation to disclose the purchase price of assets; and (c) the Defendant planned and implement an investment and may have unique interests that are not having other investors; (d) the Defendant, such as the victim, etc., concealed the actual purchase price of the instant real estate; (e) said the value of the instant real estate as KRW 400 million; or (e) said, the Defendant, without actually investing his own funds, took part in the investment with the same shares as other investors; and

the court below's determination that the defendant deceivings other investors, such as the victim

shall not be deemed to exist.

Nevertheless, the judgment of the court below which found the Defendant guilty of the facts charged of this case is erroneous and adversely affected by the judgment.

B. The punishment sentenced by the lower court (six months of imprisonment) is too unreasonable.

2. Determination

A. The lower court’s determination on the assertion of factual mistake 1) The following circumstances revealed by the evidence duly adopted and investigated by the lower court, namely, ① the actual purchase price of the instant real estate was KRW 291 million, and the amount of KRW 250 million was KRW 41 million, Defendant 1 purchased the instant real estate at KRW 400 million, and Defendant 250 million among them was planned to raise KRW 150 million with loans, and the remainder was 40 million with the investment of KRW 40 million from the victim, M, and N, and the Defendant was paid KRW 40 million with the investment of KRW 40 million with respect to the remainder. For this purpose, the Defendant purchased the instant real estate at KRW 41 million with respect to the purchase price of KRW 40 million with respect to the purchase price of KRW 150 million.