1. The plaintiff (appointed party)'s appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff (Appointed Party).

1. The reasoning for this court’s explanation is that the corresponding part of the judgment of the court of first instance is identical to that of the corresponding part of the judgment, and thus, this part is cited by the main text of Article 420

2. The plaintiffs' assertion and judgment

A. The plaintiff's assertion AF did not have any business performance, 3 billion won capital was the most advanced payment, and cannot conduct business activities at any time, and even if it was a company that can be cancelled at any time, the defendants conspired with the plaintiffs to make profits by business of corporate merger, acquisition, or bypassing listing with the capital of 3 billion won, and thus, the defendant's AF could bring profits to the plaintiffs by inducing the plaintiffs to make an investment in AF to acquire the AF's shares, and therefore, the defendant has a duty to compensate for the damages suffered by the plaintiffs.

The plaintiffs' investment in the AF's acquisition price for the AF's shares was known to be used for the AF's business, but it was actually invested in the AF's business, and the plaintiffs knew that it was invested in the AF's business.

In addition, as long as the defendant aided and abetted the illegal act, the defendant is obligated to compensate for the damages suffered by the plaintiffs, so long as the defendant's business itself is revealed to be fraudulent.

B. Therefore, we examine whether the Defendants participated in deception related to AF or deception related to the AF business.

In full view of the above facts and the purport of the entire arguments, the following circumstances can be acknowledged.

① Defendant B acquired AF, and Defendant C was listed as a representative director, Defendant AH, and E, but there is no evidence to prove that Defendant B, C, H, and E was involved in the acquisition of shares, such as inducing the acquisition of shares, by explaining the acquisition of shares or the acquisition of stocks bypassing stocks, while actually engaging in the management of AF or making profits through corporate mergers or bypass listing. Defendant D is against KRW 3 billion of the capital of AF.