The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for six years.

The seized Nowon-gu computer (TT500R5H).

1. Summary of grounds for appeal;

A. misunderstanding of facts and misapprehension of legal principles as to the fraud of victims, N. and Q among the facts charged in the instant case, each of the above victims was collected from the Defendant more than the amount invested by the Defendant and did not have any damage, and thus, there was a intention to acquire by deception or there was no ability to repay.

subsection (b) of this section.

② In addition, with respect to the fraud of the victim AW, BC, BA, BB, and CW invested in the defendant through the victim AO, each of the above victims was a person recruited as an investor by the above victim AO, and there was no deceptive act by the defendant against them.

Nevertheless, the judgment of the court below which found the defendant guilty as to each of the facts charged is erroneous by misapprehending the legal principles or by misapprehending the legal principles, which affected the conclusion of the judgment.

(b) Sentencing (the sentence of the lower court: 8 years).

2. Determination

A. Determination on the misunderstanding of facts and misapprehension of legal principles 1) Fraud is established by deceiving another person to make a mistake by deceiving him/her, and by obtaining property or pecuniary benefits by inducing a dispositive act, and there is a relation between deception, mistake, and disposal of property.

On the other hand, whether a certain act constitutes a deception that causes mistake to another person, and whether such deception and the disposal of property are related to the person should be determined generally and objectively in consideration of the transaction circumstances, the other party’s knowledge, character, experience, occupation, and other specific circumstances at the time of the act.

The deception, which is a requirement for fraud, refers to all affirmative and passive acts that have to observe each other in the transactional relationship with property, and in which the other party is not necessarily required to be falsely labeled as a material part of the juristic act, and the other party's act of disposal of property which the actor wishes by omitting it into mistake.