1. The plaintiff's appeal is dismissed.

2. The costs of appeal shall be borne by the Plaintiff.

The purport of the claim and appeal is the purport of the appeal.

1. Basic facts

A. TheO, while making a lecture related to the Real Estate Tax Act on the Internet Car page of the Real Estate Investment Internet page of “M”, was anticipated to have a lot of demand for the studio at the time of Sejong in connection with the transfer of administrative capital against the students in early 2012, and purchased land, and solicited them to purchase the land and sell the studio in a defective manner, and make an investment.

B. On April 2012, the Plaintiff and the Defendants heard the O’s business plan through the above lectures and the investment presentation session, etc., and specified the investment money in the form of selecting one unit or two units, and invested in the above studio construction and sale business.

(1) The investment amount of KRW 50,000,00 for the old unit of investment is KRW 50,000 for the last unit of investment, 4% for the last unit of investment, and 1,00,000 for the last unit of investment is paid in consideration of the business contribution in the event of investment in more than 2 units of investment.O planned to collect approximately KRW 1,00,000,000 for investment in accordance with the agreed return rate, and carried out the project as necessary for a series of projects scheduled to be carried out, such as the purchase of land, authorization and permission, the selection of a contractor, construction, and sale in lots.

The plaintiff and the defendants were those who have decided to make an investment in the early stage of the business, and their investment amounts were collected and their purchase of the business site was decided, and theO continued to gather investors until they were achieved thereafter.

The details invested by the Plaintiff and the Defendants are as shown in the attached Table.

C. Around April 2012, O opened a general meeting of investors with respect to the first investor, including the Plaintiff and the Defendants, before purchasing the business site.

At that time, theO prepared an investment agreement (No. 9) with investors and proposed to elect a representative in accordance with the investment agreement.

According to the investment agreement, the nominal owner of the project site and the secured loan shall be one of investors, each investor shall secure bonds by establishing a security on the real estate of his/her representative, and the dividend rate of the representative shall be 2% point raised in return for the burden of loans and the establishment of a security.