1. The judgment of the first instance, including a claim reduced and added in the trial, shall be modified as follows:

1. Basic facts

A. The parties’ relationship (i) is the actual manager of the F Co., Ltd. established for the purpose of the sales agency business of land, housing, commercial buildings, etc. and the real estate consulting business (hereinafter “small and Medium Company”) and has recruited investors from March 2010 as if they had the ability to make high profits through an investment in real estate within a short time by using high-class information on real estate known to them.

The Plaintiff is a person who has provided real property as security or invested in cash to E, with the belief that she would make a revenue from the spot investment that is necessary to list the E Company.

Fidelity has invested money of himself or herself or persons to E.

B. (1) The Defendant remitted KRW 120,000,000 to D on April 14, 201 in order to lend money to E after receiving the proposal from D.

In order to provide a security for the above obligation to be borrowed from D, Luxembourg obtained a power of delegation from the Plaintiff, one of the investors in the case, to delegate the rights to G apartment 103 Dong-gun, 1405 (hereinafter “instant apartment”), which is owned by the Plaintiff, to the Defendant on May 16, 201, and prepared a mortgage agreement with the Defendant, which consists of KRW 150,000,000 (hereinafter “the instant mortgage agreement”). On May 17, 2011, pursuant to the instant mortgage agreement, the mortgage agreement was concluded on the instant apartment as the mortgagee, the debtor, the Plaintiff, the maximum debt amount of KRW 150,000,000, with respect to the instant apartment.

On May 17, 2011, E received 50,000,000 won out of the loan amount of 150,000,000 won, which is the secured debt of the registration of the establishment of a neighboring mortgage as stated in the Sheshed, and the remainder shall be E.