1.The judgment of the first instance shall be modified as follows:

The defendant shall pay KRW 19,500,000 to the plaintiff and KRW 5,00,000 among them.

1. Basic facts

A. On April 27, 1999, the Plaintiff changed to D Co., Ltd. (after this, E, F Co., Ltd., and D Co., Ltd.; hereinafter referred to as “C”) around April 27, 199

A) Around November 16, 1999, the Plaintiff established and operated an investment advisory business and discretionary investment business with the Financial Supervisory Service, completed the registration of the investment advisory business and discretionary investment business, and operated the investment advisory business. (2) On January 2000, the Plaintiff agreed to establish an Internet securities company, etc. between G candidates (which was elected as the K K candidate in the process of competition within the party of HI political party; hereinafter, regardless of whether before and after acquiring the candidate’s status, G candidates were elected as the candidate) and the Internet securities company. Accordingly, L Co., Ltd (hereinafter “L”) was established on February 18, 200, and the M Co., Ltd (hereinafter “M”) was appointed as the representative director or director each of G candidates.

3) Meanwhile, the Plaintiff from around December 2000 to N Co., Ltd. (hereinafter “N”)

On February 26, 2001, the Financial Supervisory Service acquired management rights and held office as representative director. 4) As a result of the inspection conducted with respect to C between March 2, 2001 and March 13, 2001, problems such as shortage of operating professionals, Plaintiff C’s embezzlement of funds, and false preparation of investment reports were discovered. The Financial Supervisory Commission revoked C’s investment advisory business registration on April 27, 2001.

5) After that, C’s investors demand the Plaintiff and G candidates, etc. to return the investment amount, and among them, C Co., Ltd. (hereinafter “O”).

A) Around October 2001, the Plaintiff and G candidates were accused of fraud, etc. Around December 6, 2001, the Plaintiff was arrested and investigated to the prosecution on December 6, 2001, and upon release by agreement with theO, the Plaintiff escaped to the United States around December 20, 2001, and the prosecution rendered a disposition of non-guilty suspicion against G candidates. 6) After that, P Co., Ltd. (hereinafter “P”) (hereinafter “P”) as an investor of C (hereinafter “P”), made an investment against the Plaintiff and the Plaintiff’s wife Q. 15 billion won.