The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. Fact-misunderstanding, misunderstanding of the legal doctrine, the Defendant said that the victims have the assets worth worth KRW million, or that the Defendant or the Defendant directly invested funds in D Co., Ltd. in which the Defendant or the Defendant operates.

There is no fact that the notice was given.

The Defendant entered into a joint agreement with the victims to raise business funds through the third lending institution, etc., to which the victims intend to take charge of the selection and authorization work of the contractor, and received the implementation reserve, actual expenses, etc. necessary for the promotion of the project from the victims according to the agreement.

In this regard, the victims failed to prepare documents such as a letter of intent to participate in the construction works (or a letter of commitment to completion of responsibility) and a written consent to land use (or a letter of intent to sell land) by landowners, which is promised as a premise of financial assistance, and therefore, the financing is no longer necessary and the business is not conducted.

The defendant did not deceiving victims as in the facts charged, and was actually capable of raising funds to the victims, so there was no intention to commit fraud.

B. The punishment of the lower court is heavy.

2. Determination

A. The following facts and circumstances are acknowledged according to the lower court’s assertion of misunderstanding of facts, misapprehension of the legal doctrine, and the evidence examined by the appellate court.

The fact that the defendant deceivings victims as shown in the facts charged that he/she acquired money from victims can be recognized based on this.

① From around 2012, the Defendant has been running Co., Ltd. D (hereinafter referred to as “D”) with the business of developing and selling tourist complexes on the Seocho-gu Seoul Metropolitan Government C and fourth floors.

② The injured party E is a business that constructs and sells a complex of six stories underground and four stories above the 4th floor above the ground on the land of approximately KRW 7,000 of Busan Jin-gu AR in Busan, Busan, and a real estate development business with the same contents as the list of crimes in the annexed sheet in the judgment below.