All appeals are dismissed.

The grounds of appeal are examined.

Based on evidence, the lower court determined that: (a) the Defendants were provided to collateral trust with land and real estate located within the planned site for the business to be provided to the victim E (hereinafter “victim Association”); (b) the Defendants attempted to expand the scale of the construction project of multi-family housing promoted by the victim Association and additionally recruit members to establish the “I Regional Housing Association”; (c) the Defendants did not obtain authorization for establishment because they failed to meet the requirements prescribed in the Housing Act; and (d) the Defendants were provided with loans of KRW 38 billion from the four savings banks to raise funds necessary for the promotion of the project, such as purchase cost of the site for the project; and (d) the Defendants were provided with the land and real estate of the Si Corporation located within the predetermined site for the business to be provided to the collateral trust; and (e) the Defendants were provided with the remainder of the amount of money paid to the Plaintiff for each of the aforementioned public sale projects and the remainder of the amount of money paid to the Plaintiff under the name of the said Association; and (e) the Defendants were provided with loans of KRW 38.5 billion to the victim Association.

In addition, K acquired property profits equivalent to the same amount of money by receiving the balance of the public sale of the land and the house in this case from G.

§ 23.