The judgment of the court below is reversed.

Defendants are not guilty. The summary of the judgment against the Defendants is publicly announced.

1. Summary of grounds for appeal;

A. As to the misunderstanding of facts (i.e., fraud), the Defendants did not deceive the victim I as if the victim I had a prior buyer, by deceiving the victim, or obtained money from the victim to the prior buyer under the name of a premium to reduce it.

With respect to the violation of the Business Affairs of Licensed Real Estate Agents and Real Estate Transactions Act, the Defendants did not have any false explanation to the victims I that the right to sell the H Housing Association of this case was finally and conclusively sold, or that the sale right was to be commenced on or around October 2009 with the approval of the business on or around October 2009, or that the prior purchaser was to transfer the sale right received.

B. The lower court’s respective punishment (a fine of KRW 3.5 million) against the Defendants is too unreasonable.

2. Summary of the facts charged and the judgment of the court below

A. The summary of the facts charged is Defendant A is a person operating the F Office, and Defendant C is a brokerage assistant assisting the brokerage business in the aforesaid F.

(1) On August 22, 2009, in collusion with the Defendants, at the F Office located in Dongjak-gu Seoul Metropolitan Government on August 22, 2009, the facts were additionally recruited by the H Housing Association, and thus, despite the absence of the prior buyer, the victim I received from the victim I the false statement that “H Housing Association shall not enter money any more than 180 million won because it pays to the Association the finalized sale price of KRW 480 million,000,000,000,000,000,000,000,000,000,000,000,000 won, which shall be reduced to the prior buyer, is increased by part payment.”

(2) Defendants in violation of the Business Affairs of Licensed Real Estate Agents and Report of Real Estate Transactions Act acted in collusion with the victim at the location as stated in paragraph (1). H Housing Association is treated and constructed by the Corporation. The final sale price is KRW 480 million in total, and around October 2009.