The defendant's appeal is dismissed.

1. The summary of the facts charged in the instant case is that the Defendant, from May 2010 to the business with C, D, and Dong, purchased and remodeled the 542.05 square meters (49 stores) of the 1st floor of Sungnam-si E Building (hereinafter “instant building”) from May 201, and carried out the business of selling in lots (hereinafter “instant business”). However, the Defendant did not normally proceed with the business, such as the Defendant’s failure to secure the shares of other co-owners except for the 31.93/542.05 shares of the 1st floor of the E building owned by the Defendant on the ground that the agreement with its partners was terminated due to the lack of any other financial resources.

In such a situation, the Defendant recommended the victim F to make an investment in business around January 201, and there is sufficient number of months until the sale in lots, where the upper price is leased KRW 50 million with the purchase commencement. The shop owner consented to the remodeling project and obtained the relevant documents. The bank loan will be obtained. It is a business if the amount is limited to the amount of KRW 50 million with the start payment.” The amount of KRW 50 million after the victim’s statement to the same effect is invested, the Defendant would return the principal amount after six months and make 5% of the total profit.

‘Falsely speaking, the victim was given a loan of KRW 48 million on February 23, 201 to the victim’s bank account in the name of the victim, and then received KRW 48 million from the victim on the same day.

However, in fact, while the Defendant, at the time, established G with a debt of 200 million won or more including bank loans, the Defendant was in a state of having no self-sufficiency, such as discontinuance of business at the preparation stage and failure to generate sales revenue. There was no circumstance or ability to raise the instant business funds required by more than 7 billion won, and in relation to the instant business, the instant business, such as not purchasing co-ownership rights except for those who were urged by two co-owned share holders without compensation.