The judgment of the court below is reversed.

The defendant is not guilty. The summary of the judgment against the defendant shall be published.

The summary of the grounds for appeal (based on factual errors and misapprehension of legal principles), the agreement that the defendant, victim, and D shall take over the shares of the F Co., Ltd. (hereinafter referred to as the "F") to have the name in the register of shareholders D1 is merely merely a trust with D, and it is merely a trust with D to each third party, and it is not a trust agreement that the said third party agrees to make investments in the shares of F. Therefore, embezzlement is not established.

In addition, it cannot be readily concluded that the sum of the stock investment refunds returned by the Defendant and D included 50 million won in the victim’s F acceptance price. The Defendant was planning to return the victim’s share investment amount with the money to be returned from F in the future, but the Defendant did not return the victim’s share investment amount inevitably because it was impossible to receive a refund of the said share investment amount due to Party F’s price fluctuation. Therefore, even if the Defendant used the said KRW 50 million, the Defendant did not have the intent of embezzlement.

Even if the defendant's intent of embezzlement is recognized, D has consented to re-investment and return of the amount corresponding to his own share, so the amount of embezzlement against the defendant's victim should be limited to the amount corresponding to the ratio of the amount of acquisition price of shares invested by the victim.

In other words, the Defendant is merely obligated to return the amount equivalent to KRW 49,382,716 out of KRW 500 million (= KRW 500 million + KRW 100 million/ KRW 100 billion/ KRW 12.5 million) and KRW 4938,271 out of KRW 50 million (= KRW 50 million x KRW 10 billion x KRW 100 billion/ KRW 100 billion).

Judgment

The summary of the facts charged in the instant case is that the Defendant paid the capital increase price of F Co., Ltd. (hereinafter “F”) in the name of F in early June 2009 between D and the victim E in early June 2009 and distributed shares, and divided profits from the increase in the stock price of the shares.

The Defendant’s aforementioned on June 10, 2009 from the victim.