The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. As to the crime of paragraph 12 of the crime list in the annexed Form of the judgment of the court below in misunderstanding of facts (hereinafter referred to as the "crime list"), the victim shall invest KRW 100 million in the K. The defendant shall not have acquired.

Although it is true that the victim was unable to borrow money from the victim for the remaining criminal facts, there was no deception of the victim and there was no intention of fraud.

B. The lower court’s sentence of unreasonable sentencing (one year and six months of imprisonment) is too unreasonable.

2. In determining the credibility of a statement after the first instance court proceeded with the witness examination procedure in the criminal trial procedure for determining the defendant's assertion of mistake, not only is it consistent with the rationality, logic, morality or rule of experience in the contents of the statement itself, but also is consistent with the witness evidence or third party's statement in the witness examination protocol, such as the appearance or attitude of a witness who is going to the witness statement in the open court after being sworn before a judge, and the penance of the statement, which is difficult to record in the witness examination protocol, should be evaluated as credibility by directly observing various circumstances that are difficult to record.

On the other hand, the appellate court's determination of credibility of the statement made by the witness of the first instance court under the current Criminal Procedure Act is based on the records including the witness examination protocol in principle, so it has an essential limitation that the appearance and attitude of the witness at the time of the statement that can be considered one of the most important elements in determining credibility of the statement can not be reflected in the evaluation of credibility.

Considering the difference between the first instance court and the appellate court’s method of evaluating the credibility of the witness’s statement in accordance with the spirit of the principle of direct examination adopted by the Korean Criminal Procedure Act, the first instance court’s judgment on the credibility of the witness statement made by the first instance court in light of the contents of the first instance judgment and the evidence duly examined by the first instance court.