Defendant

A Imprisonment with prison labor for eight months for fraud against K, and for each other, it shall be punished by imprisonment with prison labor for the remainder.

Punishment of the crime

Defendant

On October 20, 2006, A and B were sentenced to a two-year suspended sentence of imprisonment for fraud at the Seoul Eastern District Court, and the above judgment became final and conclusive on July 12, 2007.

Defendant A is the president of the company M, a planning real estate company located in the second floor of Gangnam-gu Seoul Metropolitan Lbuilding, who has overall control over the business affairs of the above company, and Defendant B is the president of the above company, who is in charge of the fund management with A while operating the company together. Defendant C is a director of the above company, who solicits the purchase of forest land selected by M company by the above company, and receives fees per case at the time of purchase contract.

In fact, the defendants recommended that the market price of the forest land selected by the defendant company will rise rapidly to the people, and when the sales contract is concluded, the defendants should receive the purchase price from the purchaser first, and then pay the price to the forest owner again to transfer ownership.

However, the Defendants carried on business excessively such as excessive disbursement of office operating expenses and employees fees (20 percent of the purchase price) and used the purchase price of forest from the purchaser of the company due to very difficult financial situation as expenses for the first office operation, etc., and planned to cover the shortage of the purchase price by borrowing the money by providing the purchased forest as collateral.

Therefore, even if the Defendants sold the 14,790 square meters of O forest in Gangwon-do to the victims N and paid the purchase price of the land, they did not have any intent or ability to transfer the full ownership without any restriction on the security right to the said land to the victims.

Defendants conspired with each other on May 15, 2008 to borrow money from Sejong Mutual Savings Bank Co., Ltd. as above, and on May 15, 2008, the fact is 14.