The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. In light of the following circumstances, the Defendant did not have any fact of deceiving the victim, such as the facts charged, and did not have any intent to commit fraud.

The Defendant is a Co., Ltd. F (hereinafter referred to as “F”) upon the request of the injured party to identify the source of investment.

The purpose of this case was to introduce a new apartment construction and sales project of Gosung-gun I (hereinafter referred to as the "new apartment construction project of this case") which is promoted by the high-level local government.

The defendant also invested KRW 300 million with the knowledge that the new apartment construction project of this case would be successful, and all the money received from the injured party was paid to F as investment.

As the new apartment construction project of this case was failed and the F was in default, the investment money was not refunded, and the principal and the profits of the investment have not been paid to the victims.

B. The punishment of the lower court is heavy.

2. Determination

A. Comprehensively taking account of the evidence examined in the lower court’s argument of mistake of facts, the following facts and circumstances are recognized.

The fact that the defendant acquired by deceit may be recognized based on this.

1) The victim may obtain profits of at least KRW 50 million from an investigative agency and a court of original instance where “the defendant has invested KRW 100 million in a construction company with good inside of the Republic of Korea” around December 27, 201.

B. A loan of KRW 100 million to B shall be distributed in the amount of KRW 30 million out of the principal amount and the profits after one year.

It is expected to conclude a sales contract for one apartment bond sold by a construction company as security for the principal amount of KRW 100 million.

Where a sales contract has been fully paid KRW 130 million, the sales contract shall be terminated and the refund shall be made.

The construction company shall guarantee the principal of the investment, and shall pay KRW 130 million,00,000,000,000,000 after one year from December 26, 2012 by adding interest to the interest of KRW 30,000,000,000 to the interest of KRW 100,000,000. The Defendant 10,000 (hereinafter “the instant money”).

B consistently stated that it was “B”.

2) The Defendant receives the instant money from the injured party.