The judgment of the first instance shall be reversed.

Defendant

A Imprisonment for one year and each of the defendants B shall be punished by imprisonment for eight months.

except that this judgment.

1. Summary of grounds for appeal;

A. As to the fraud of Defendant A (misunderstanding of facts, misunderstanding of sentencing, and improper sentencing) (1) against the victim I, the Defendant borrowed promissory notes from AB, not I, and raised them from A, with respect to the fraud of the victim Q Q that was not known to I, the Defendant borrowed KRW 30,00,000 from Q, or there was considerable possibility of success in the MM development project at the time (hereinafter “instant project”).

On the part of the fraud against the victim S, the defendant does not have any conspiracy to commit the fraud against the victim B and the victim S, or any participation in it.

As to the fraud against the victim G, there was no intention to commit the crime of defraudation because there was an idea to attract the PF funds at the time of borrowing funds from G.

(2) The punishment sentenced by the first instance court (one year and six months of imprisonment) is too unreasonable.

B. Defendant B (misunderstanding of facts, and misunderstanding of sentencing) (1) The project of this case was actually implemented, and there was no deception about the intent and ability of the Defendant at the time of raising funds from the victims.

With respect to the fraud of the victim Q Q, Q does not lend money to the Defendants’ business explanation or the horses, but only reliance on the words of the branch and borrowed money to the Defendants. As Q does not pay money to the end of the Defendant.

As to the fraud against the victim S, the amount of KRW 140 million that S received from T was paid to the defendant via S, and the amount of KRW 150 million received from U was lent to U directly to the defendant for the instant business.

S does not lend its money to the defendant.

The defendant is not aware of S, and S has induced investment with the defendant for the purpose of receiving shares of the newly incorporated corporation later when the PF funds are kept.