The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. Since the defendant and the victims of mistake of facts have been engaged in the business of underwriting securities, the victims were well aware of the financial status and possibility of loans of the defendant, and the defendant also believed L's horses and delivered them to the victims as they are, so there is no deception of the victims and there is no causal link between the defendant's act and the victims' disposal act.

Therefore, the judgment of the court below that found the Defendant guilty of the facts charged in this case is erroneous by misapprehending the facts and affecting the conclusion of the judgment.

B. The lower court’s imprisonment (one year and six months of imprisonment) against the Defendant is too unreasonable.

2. Determination

A. Comprehensively taking account of the evidence duly admitted and examined by the court below as to the assertion of mistake of facts, the court below may fully recognize the fact that the defendant, even though the defendant was not in an uncertain situation, could obtain a loan from the victims as stated in the facts charged in the instant case, as to whether it was possible to do so, intent to repay the loan, and ability to repay the loan, and by deceiving the victims of KRW 130 million from the victim E.

Furthermore, in light of the fact that if the victims were to know about the possibility of the provision of loans or the details of the use of the money actually acquired by the defendant in advance, the causal relationship between the defendant's deception and the victim's disposal act is sufficiently recognized.

Therefore, the defendant's assertion of mistake is without merit.

B. Although the defendant did not have a record of being punished as the same kind of crime, the amount of fraud was a large amount, the damage recovery was not made with the lapse of a considerable period of time after the crime, the defendant did not agree with the victims, and the crime was committed by the defendant.