All convictions in the judgment of the court of first instance and the judgment of the court of second instance shall be reversed.

A defendant shall be punished by imprisonment for not less than two years and six months.

1. Summary of grounds for appeal;

A. Fraud against victim E: D Co., Ltd. (hereinafter “D”) established by the defendant with the help of the defendant in accepting listed companies.

A) The Defendant invested KRW 200 million in capital. At the time, the Defendant was holding shares in F’s name due to bad credit standing, and there was no request for issuance of shares under the name of the victim, and thus, only the new shares issued in F’s name due to capital increase was issued in the name of F. 2) Fraud against the victim N: The Defendant reported or reported to the Financial Services Commission, the Korea Exchange, etc. that the Defendant, as a substantial private share of L Co., Ltd. (hereinafter “L”), L’s small-value public offering of capital (hereinafter “instant small-value public offering”) around August 10, 2010, for the purpose of raising operating funds of KRW 99,998,690 (the payment date on August 12, 2010).

(46 pages of the trial record). The victim borrowed KRW 100 million from the victim for the success of the trial record, and there was an intention or ability to repay it.

It was due to the number of employees who conducted business process to provide the shares promised to the victim as a security.

3) Fraud against the victim T: U.S. (hereinafter “U”).

In borrowing KRW 300 million from the victim, the Defendant, Q Co., Ltd. (hereinafter “ Q”) that the Z, the actual operator of the Z, actually borrowed KRW 300 million.

on behalf of such person, only entered into a guarantee agreement.

Z paid the above KRW 300 million to S who is the operator of Q.

B. Unreasonable sentencing

2. Ex officio determination of ex officio, the defendant filed an appeal against the guilty portion of the judgment of the court of first instance and the judgment of the court of second instance, and the court of first instance decided to hold concurrent hearings of the above two appeals cases. Since the first and second offenses against the defendant are concurrent offenses under the former part of Article 37 of the Criminal Act, each offense against the court of second instance shall be sentenced to a single sentence within the scope of punishment subject to aggravated concurrent offenses under Article 38(1) of the Criminal Act.