All appeals filed by the defendant and prosecutor are dismissed.

1. Summary of grounds for appeal;

A. Defendant 1) The Defendant was guilty of the fraud related to overseas public offering investment, and there was no fact that the Defendant, “I would be able to obtain at least two to three times profits from public offering investment,” and the principal would also be guaranteed, and the Defendant, in fact, remitted money from the victims to G and invested in the public offering overseas.

B) The Defendant’s fraud related to the non-listed stocks was the victim B with the payment of money to the victim B, “M was able to make a profit by making a bypass listing,” thereby purchasing M non-listed stocks, and purchasing A Q’s shares determined to be finally merged. Therefore, the Defendant did not induce the said victim. Therefore, the Defendant was not guilty. C) The Defendant’s fraud related to the purchase of E’s stocks was the amount of KRW 150 million out of the amount of KRW 250 million received from the victim C in relation to this part of the facts charged, and the remaining KRW 150 million was the money for the purchase of E’s stocks.

On the other hand, because the money paid by the above victim to purchase the E shares was insufficient to purchase the E shares, the Defendant decided to acquire the E shares by having X take over the company and purchase the E shares by purchasing them.

Accordingly, the Defendant invested KRW 100,000,000,000 from the money received from the said victim to a foreign public contest, and transferred the remaining KRW 150,000,000 to X.

However, as X’s acquisition of company was without fault, there was no deception from the above victim. The Defendant was aware that the Defendant was a block with X, and was invested in money from the victim B, G, and F.

Therefore, the defendant is suffering from the block even though the block does not actually exist for the above victims.