The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for three years.

Provided, That the above punishment shall be imposed for five years from the date this judgment becomes final and conclusive.

1. Summary of grounds for appeal;

A. In fact, the defendant did not agree to refund the principal to the victim N and S, and the victims did not make an investment in the defendant's business according to their investment value judgment. The victims are in the status of the defendant and his partner, the defendant was in the business at the time of the progress of the defendant's business, and the defendant did not have the criminal intent of defraudation by means of actual efforts for the success of the business.

B. The sentence of the lower judgment against the Defendant of unreasonable sentencing (three years and six months of imprisonment) is too unreasonable.

2. Determination of mistake of facts

A. According to the records, ① the Defendant borrowed KRW 200 million from the Victim N prior to receiving KRW 200 million from the Victim N on March 10, 2005 (the part acknowledged at the prosecutor’s investigation stage), ② the Defendant, by making an investment in a place where a stable income is guaranteed at the time of borrowing KRW 200 million from the Victim N and making an agreement to pay KRW 200,000 per month, and return the principal amount. Even if the principal was returned, the Defendant agreed to pay the investment income continuously. ③ The Defendant transferred 60,000 won to the Victim N on May 10, 2006, transferred 60,000 won to the Defendant on or around September 10, 2006, 4,000 won of the Defendant’s stocks (the part acknowledged at the prosecutor’s investigation stage), and 200,000 won of the Defendant’s new construction of the house to the Victim N around 20,000 won of the instant case.