The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. The Defendant does not constitute a crime of fraud since he did not deceiving the victims and did not receive each money from the victims with the intention to acquire it by deception.

B. The lower court’s sentence of unreasonable sentencing (two years and six months of imprisonment) is too unreasonable.

2. Determination

A. The following circumstances acknowledged by the court below's legitimately adopted and investigated evidence as to the assertion of mistake of facts: ① the Defendant purchased the site of H, factory buildings, machinery and equipment, etc. (hereinafter "this case's factory building") in G in the name of P and P on January 2, 2012 with a bad credit-based relationship, KRW 3.413 billion; ② The amount actually invested by the Defendant in the above purchase price is merely KRW 200 million paid as a bid deposit (see the grounds of appeal by counsel). The most amount is the loan received from the Naju Livestock Industry Cooperatives, the amount of money received from P and P andO, and the amount received advance payment from the victims; ③ The Defendant appears to have sold the instant factory building at least KRW 2.5 billion to the 200 million investment company, KRW 1.5 billion, KRW 200,000,000, KRW 2500,000,000, KRW 100,000,000, KRW 300,00.