All appeals by the Defendants are dismissed.

1. Summary of grounds for appeal;

A. At the time of the conclusion of the instant subcontract, the Defendants believed that the acquisition by transfer of a legal entity with J Co., Ltd. (hereinafter “J”) was a valid contract, an investment contract with the U.S. company and a contracting agreement with the gold industry Co., Ltd. (hereinafter “FFE”) as well as the acquisition by transfer of a legal entity with the U.S. company at the time of the conclusion of the instant subcontract, and thus, it is possible to carry out the instant apartment project. Therefore, the Defendants did not have any intention of deception or fraud.

B. Defendant A did not take part in the instant crime in collusion with Defendant A.

2. Determination

A. According to the evidence duly admitted and examined by the lower court and the first instance court, the following facts are acknowledged.

1) On November 3, 2009, E is a project for the development of the I Apartment Housing (hereinafter “instant apartment project”) owned by J and a legal entity andJ between J on November 3, 2009.

(1) A contract for the transfer and acquisition of a corporation (hereinafter “instant contract for the transfer and acquisition of a corporation”) with the content that the contract amount shall be received at 18 billion won, and the contract amount shall be paid at KRW 8 billion per contract date and the balance KRW 10 billion by December 31, 2010.

(2) On May 12, 201, F Co., Ltd., the representative director of which is E, entered into an investment contract (hereinafter “instant investment contract”) with the EXE on the content of investing USD 240 million in the instant apartment project (hereinafter “instant investment contract”). The said investment contract provides that the construction plan and evaluation provided by the construction company, copies of all authorization and permission documents necessary for the commencement and completion of the construction work, list of all suppliers, all contracts, certificates, and other documents related to construction and development shall be provided until June 12, 2011.

3 E receives the letter of intent to participate in the construction of the apartment project in this case from the gold industry on September 8, 2011, and the promotion of the apartment project in this case between the gold industry and the gold industry on September 27, 2011.