The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. Since all of the funds received from victims of misunderstanding of facts have invested in real estate, there is no intention to commit fraud.

B. The sentence imposed by the lower court (one year and six months of imprisonment) is too unreasonable.

2. Determination

A. (1) The Defendant alleged that the victim E purchased the land located in the Seoul Gangnam-gu M No. 150,000,000 won, excluding the amount of KRW 50,000,00,000, which was received from the victim as the real estate investment deposit for the victim’s residence, or purchased the land located in the Seoul Gangnam-gu M No. 1, 000,000 won under his/her own name or in his/her own name, but did not deliver the profit to the victim due to a decline in the market price of the said real estate.

In light of the evidence duly adopted and examined by the court below, on December 22, 2008, the registration of transfer of L on the ground of sale on November 11, 2008 (the transaction price of KRW 153,000,000) was made. However, on December 22, 2008, the loan was made under the name of L, and the establishment of the debtor's right to collateral security was made under the name of 36,00,000 won on the above building, and on February 27, 2009, the registration of transfer of the above land was made under the name of P, 52,00,000 won, and the debtor's right to collateral security was additionally established under the name of 00,000 won on the above land for the purpose of sale and purchase (the purchase price of KRW 153,00,000 on the above land; 20,000 on December 7, 200, 2009.