The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. In relation to the fraud of the victim D and E, the Defendant did not deceiving the victims at the time of borrowing money from the victims.

In addition, although the defendant had the intent and ability to repay to the victims at the time of borrowing the money, unlike the defendant's expectation, the defendant could not repay the borrowed money due to the aggravation of the financial situation of the F Co., Ltd. operated by the defendant.

B. The sentence of the lower court’s improper sentencing (three years of imprisonment) is too unreasonable.

2. Determination

A. (1) In full view of the following circumstances acknowledged by the evidence duly admitted and investigated by the court below as follows, the defendant can recognize the fact of deceiving the victim D as stated in the judgment of the court below and the criminal intent of deceiving the defendant is recognized. Thus, the above assertion by the defendant is without merit.

① On July 2012, F Co., Ltd., which the Defendant operated, concluded a contract by setting the construction cost of KRW 1.4 billion with respect to the construction owner A Q and Pyeongtaek-si AR construction work (hereinafter “Wol-si construction work”).

The F Co., Ltd. was in a situation where it is difficult to secure construction cost due to the financial difficulties at the time.

② Around June 1, 2012, the victim D was employed by F and was working as the vice-director of the management department. However, the Defendant, a representative director, borrowed the 20 million won as of August 10, 2012, and borrowed 20 million won as of September 10, 2012, when he/she was able to receive the full payment amount.

③ The victim D was unable to receive the repayment of the borrowed money from the person on August 10, 2012 until the due date for reimbursement, but the continued amount of the borrowed money was entered in connection with the Pyeongtaek Construction. Therefore, the victim D could receive the remainder of the borrowed money if it was lent KRW 100 million. The victim’s house as security8.