The defendant's appeal is dismissed.

An application for compensation by an applicant for compensation shall be dismissed.

1. Summary of grounds for appeal;

A. For the following reasons, the Defendant did not have any intention to commit fraud at the time of the instant case.

1) Fraud against the victim D. ① The Defendant was entitled to receive a refund of approximately KRW 1.0 billion investment from T at the time of receiving investment funds from D or drinking alcohol on credit, and was willing or capable of making a repayment of the investment amount of KRW 10 billion. ② The Defendant received KRW 135 million from D as investment funds, or the Defendant did not directly induce D to make an investment, and the cash custody certificate was prepared to the effect that he would pay KRW 270 million, which is two times the above investment funds, as recommended by C. It is not legally binding in its content. ③ The Defendant, upon acquiring a company, treated the liquor value on the condition that D director would be registered, but did not register D as a director, but failed to collect the investment funds from T and did not actually purchase the funds under his name (hereinafter “H account”). Unlike the originally anticipated, the Defendant did not actually purchase the funds under his name.

(2) Y’s share price continues to decline, and Y’s agreement was made at a monthly interest rate to V, a holder of a loan account, and no other profit exists and thus, the amount of the investment has not been returned.

3) The fraud of the victimO and P is one of the following: (a) the Defendant did not recommend investment toO and P; and (b)O and P (hereinafter “O, etc.”).

(2) The Defendant purchased Q shares through W with the above money. ③ The Defendant returned the said money to the Defendant, and theO cancelled the complaint against the Defendant. 4) The Defendant committed fraud against the victim R.