All appeals by the Defendants are dismissed.

1. Summary of the Defendants’ grounds for appeal

A. During the period from January 13, 2010 to October 27, 2010, the Defendants did not commit deception with regard to the portion of money that the Defendants received from the victims as the source of investment money and land purchase money.

Therefore, the lower court erred by misapprehending the fact that the Defendants committed fraud with respect to the portion of receiving money from the victims for investment funds and land purchase funds during the above period.

B. The sentence imposed by the lower court (five years of imprisonment to Defendant A and two years and six months of imprisonment to Defendant B) is too unreasonable.

2. The Defendants’ assertion of misunderstanding of facts regarding the Defendants’ assertion is alleged to have been filed only on the second day of the appeal filing period and the second day of the appeal period. Thus, the Defendants’ assertion of mistake is not subject to

Furthermore, even if examining ex officio, in full view of the circumstances such as the fact that the Defendants were unable to mobilize funds from other investors due to lack of particular capacity to mobilize funds and would have been able to pay the existing investors a high-amount investment profit agreed upon, and that there was a land where it was not easy to implement a development plan within a short time due to a serious gradient, and the evidence duly adopted and examined by the court below, it can be recognized that the Defendants acquired money from the victims as if the Defendants could bring about a high-amount investment profit or purchase of land would bring about a market price profit due to a rapid increase in land prices. Thus, the Defendants’ assertion of mistake of facts is without merit.

3. Determination on the Defendants’ assertion of unfair sentencing

A. Defendant A’s mistake is divided and reflected, and there is an agreement with some victims.