The judgment of the court below is reversed.

The crimes of paragraph (1) and Article 2-A of the Criminal facts in the judgment of the defendant.

Imprisonment with prison labor for the crimes of this paragraph.

The lower court dismissed the prosecution as to the fraud of investment funds through the act of fund-raising without permission for the victim B and C among the facts charged in the instant case, and sentenced the remainder of the facts charged.

On the other hand, the defendant filed an appeal against the guilty portion, and the prosecutor did not file an appeal separately, so the dismissal of prosecution in the judgment below became final and conclusive separately.

Therefore, the judgment of this court is limited to the guilty part of the judgment below.

Summary of Grounds for Appeal

A. misunderstanding of facts 1) through the act of receiving money without delay (the crime No. 1 of the judgment of the original court).

(A) There is no fact that the Defendant has conspiredd to acquire the investment money through the act of fund-raising without permission from H.

H independently recruited investors, and the Defendant, by gathering the fund-raising business without permission from H, entered into an investment agreement separate from H and only operated the fund.

B) As stated in the facts charged, the Defendant did not have promised to guarantee the principal of investment and to guarantee the profit therefrom, and in fact, it was possible to create sufficient profit by investing in NPL (non-performing Bonds) or real estate, but was not realized on the ground of H’s frequent demand for return of investment proceeds. 2) In relation to the acquisition of investment funds related to Vtel (the crime No. 1-b and 2-b in the original judgment), the Defendant did not receive KRW 500 million received from the victim’s Z from the victim’s Z as the intention to purchase the Vtel, and even if it received the investment funds related to Vtel, there was no deception of the victim Z as seen in the following sub-paragraph (b).

B. The Defendant entered into a lien acquisition agreement with the victim B, E, Z, and Vtel and received each of the money stated in the facts charged as the price, and there is no promise to transfer ownership to the victims.

(b).