The defendant's appeal is dismissed.

1. Summary of the grounds for appeal (the factual error, misunderstanding of legal principles, and unreasonable sentencing)

A. As to the crime No. 1 in the judgment of the court of first instance, this part of the facts charged is that E received money from the victim H solely by means of forming a blind stock acquisition contract from the Defendant. The Defendant did not receive money from the said victim directly or in collusion with E. 2) As to the crime No. 2 in the judgment of the court of first instance as to the crime No. 1 in this part of the facts charged, there was no fact that the Defendant was 5 times the victim’s stocks, or that the said stocks were listed in the U.S. Bac market, as in this part of the facts charged.

3) As to the crime No. 3 of the first instance judgment, there was no fact that the Defendant made the victim M&N’s statement as stated in this part of the facts charged. Moreover, given that the Defendant had the intent and ability to repay the money from the above victims at the time of borrowing the money, the Defendant’s failure to repay the borrowed money is merely a non-performance civil obligation. Furthermore, considering the fact that the Defendant voluntarily surrenders the Defendant, the Defendant is an unreasonable one year imprisonment with prison labor for each crime of Articles 1 and 3 of the first instance judgment and six months imprisonment with prison labor for the crime of No. 2 of the first instance judgment is too unreasonable.

2. Determination

A. Comprehensively taking account of the following facts and circumstances acknowledged by the evidence duly adopted and investigated by the first instance court as to the assertion of mistake of facts or misapprehension of legal principles, the Defendant, alone or jointly with E, can sufficiently recognize the fact that the victims were accused of money by deceiving them as stated in each of the facts charged.

Therefore, the defendant's assertion of mistake cannot be accepted.

1) Co., Ltd. D (hereinafter “D”)

shares of D are traded only in the U.S. securities market, and D did not have any business performance since December 2007, and there is no significant business plan in the future.