All of the judgment of the court below except for a compensation order shall be reversed.

A defendant shall be punished by imprisonment with prison labor for twelve years.

1. The gist of the grounds for appeal is to the extent that the following grounds for appeal are supplemented to the extent that the defendant’s defense counsel filed an appellate brief after the lapse of the period for appellate brief, as of May 19, 2015, the summary of the oral proceedings as of August 18, 2015, and the summary of the oral proceedings as of October 14, 2015.

A. On the grounds delineated below, the court below found the Defendant guilty of the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) and the charges of fraud that the Defendant, in collusion with J, etc., by deceiving 246 victims and received a total of 32,39,717 won from them. (A) The Defendant, who did not have a deception against real estate investors, introduced real estate investors to participate in the auction, participated in the auction before bidding, received the investment money before bidding, and returned the investment money to the investors when the successful bid was awarded, returned the investment money if the successful bid was not awarded, returned the investment money if the successful bid was not awarded, and sold the real estate which was awarded after the payment of the remainder of the successful bid price after receiving the successful bid price, and paid interest until the sale was made.

Therefore, as the defendant dealt with the investment money as promised to the real estate investors, and the investors own the share of the sold real estate, there is no deception against the real estate investors.

Since there is no deception against the real estate investors, the money received as real estate investment funds shall not be recognized as the amount of fraud.

However, even if it is not so, the amount returned to investors under the pretext of the acquisition of real property's ownership, which is 14.22 billion won, the amount paid as acquisition tax and registration tax, and the amount returned to investors under the pretext of movable property's dividends.