A defendant shall be punished by imprisonment with prison labor for up to six months.

Punishment of the crime

On June 20, 2012, the Defendant, at the office of Seoul Guarantee Insurance Co., Ltd. located in Ulsan-dong 904-10, Ulsan-gu, Busan-dong, 2012, as if the Defendant had been influenced the victim B, caused the goods on credit by providing the Ulsan-do Agricultural Cooperative as security of KRW 50,000,000 in the form of deposit money. However, in order to bring the goods out of credit to the Ulsan-do Agricultural Cooperative, the Defendant has to enter into a guarantee insurance agreement with the Seoul Guarantee Insurance Co., Ltd. on the credit payment obligations with the above credit goods to bring the goods out of credit. Accordingly, the Defendant may put the goods out of credit amounting to KRW 50,00,000. A joint and several surety would, even if a joint and several surety is carried out, not cause damage by paying the amount of credit goods.”

However, in fact, the Defendant was in a situation where he was unable to repay his personal debt and bank account excessively, and there was no deposit that was provided as a security to the Ulsansan Agricultural Cooperative, and the victim concluded a guarantee insurance agreement with the Seoul Guarantee Insurance Co., Ltd. for the payment of the credit goods with joint and several liability, and even if the goods were sold on credit from the Ulsan National Agricultural Cooperative, the Defendant did not have the intent or ability to pay the credit goods because it was thought that he would have to pay the credit goods.

On February 7, 2013, the Defendant, by deceiving the victim, made the victim a joint and several guarantee, concluded an insurance contract for the payment of credit goods with the Seoul Guarantee Insurance Co., Ltd., and did not pay credit goods, thereby making the Seoul Guarantee Insurance Co., Ltd. pay 48,240,851 won of credit goods, including principal and interest 10,077,797 won as security, which the Defendant provided, on behalf of the Seoul Guarantee Insurance Co., Ltd., and ultimately, caused the victim to pay the amount of 38,163,054 won, excluding principal and interest.