All appeals by the defendant and the prosecutor are dismissed.

1. Summary of grounds for appeal;

A. The sentence of the lower court (three years of imprisonment, four years of suspended execution, and 240 hours of community service) is too unreasonable.

B. Prosecutor 1) When misunderstanding the facts and misunderstanding of the legal principles (not guilty part), taking into account the content of the 3rd AF direct investment-related contract, the method of managing the money to be deposited, the subject of the money to be deposited, and the subject of the investment, etc., the amount of investment transferred to an account under the name of AB Co., Ltd. (hereinafter “AB”) is reverted to the said corporation once, and the amount of investment is specified as an auction investment, and thus, it should be deemed that the crime of embezzlement is established in relation to the AB who arbitrarily uses the said

Nevertheless, the lower court rendered a not guilty verdict on this part of the facts charged erred by misapprehending the facts or by misapprehending the legal doctrine.

2) The sentence of the lower court’s improper sentencing is too uncomfortable.

2. Determination

A. The lower court’s determination 1 on the Prosecutor’s misunderstanding of the facts and misapprehension of the legal doctrine 1) 3rd AF’s direct investors (the victims 1 through 119 p.m.) based on the evidence adopted and investigated by the lower court’s judgment, including the details of the investment made by the third direct investors (the victims 1 through 119 p.m. in attached Table 2(2) of the crime List as indicated in the lower judgment), the use of investment funds to E and AB, and the method of managing the investment funds, etc., shall be deposited and managed by the investors in the accounts in the name of executive officers and AG of the company to be established by the investors, and the investors shall deposit the investment funds with the AB account, and the AB shall deposit the investment funds with the

In light of the commitment, etc., the above investors entrusted AB with the investment money by setting the purpose and purpose thereof.

Since it is recognized that the ownership of the investment money remains for the above investors who are the truster before it is used for its purpose and purpose, and therefore, the defendant conspired with E, etc. and used it voluntarily.