All appeals by the defendant and the prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Defendant 1) As to the Defendant’s violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) against the victim C, the Defendant did not borrow KRW 700 million from the victim C, but did not borrow KRW 700 million from the victim C. In both weeks, the Defendant collectively borrowed T, U, V, and G land (hereinafter “T land, etc.”).

As investment was made with the purchase fund, it was used to purchase T-land, etc. all of the investment amount of KRW 700 million, there was no deception of the victim, and there was no intention to commit fraud.

B) As to the fraud against the victim K, the Defendant borrowed KRW 300 million from the victim K. However, the Defendant would pay the victim as an intermediate payment selling the land in both states, or would pay the victim within one week.

In other words, there is no deceiving the victim.

2) The sentence sentenced by the lower court to the Defendant (three years of imprisonment) is too unreasonable.

B. The sentence imposed by the prosecutor (unfair sentencing) by the lower court is too unfasible and unfair.

2. Determination:

A. In full view of the following circumstances acknowledged by the evidence duly adopted and investigated by the lower court as to the victim C’s violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud), the lower court’s determination on the Defendant’s misunderstanding of the facts and misapprehension of the legal doctrine is recognized not to have received 700 million won from the victim as the purchase fund for T-land, etc., but to have borrowed 700

(1) In cases where land is jointly purchased by investing funds, etc., it is normal to enter into an agreement with investors on the share of investors, realization and distribution of investment returns, etc. in advance, taking into account the contribution of the total amount of investment and respective investments, contribution to investment and contribution to the purchase process, etc., or pass through discussions at least.

However, in the case of this case, this matter is between the defendant and the victim.