The judgment below

The part against the defendant shall be reversed.

A defendant shall be punished by imprisonment for not less than eight months.

except that this judgment.

1. The summary of the grounds for appeal is as follows: Co-defendant A, B, C, and E were tried separately on August 23, 2019.

This K specifically explained the terms and conditions of investment related to L Co., Ltd. (hereinafter referred to as “L”) to this K and induces K to make investments.

There is no fact that the defendant conspireds to commit a crime with E or commits a deceitful act.

Although the Defendant earned a considerable amount of profit through the automatic trading system, the Defendant is merely unable to pay the investment profit in light of the loss due to changes in the investment environment, such as an Oral shock, bex, etc., so it cannot be deemed that the Defendant did not have any intent or ability to pay the investment profit from K from the time of receipt

The Defendant did not know to K that there was no promise to guarantee the principal of investment and make high profits, nor did he knew to the effect that E, which directly induced investment, has been able to guarantee the fixed profit or principal of investment in the investment agreement, because there was a provision on the risk of loss of investment funds in the investment agreement.

2. Determination

A. The following facts are acknowledged according to the evidence duly admitted and examined by the court below.

① On July 2015, the Defendant came to know of E through the introduction of the chair upon the request of the representative of investment adviser who is AF.

(2) The Defendant explained E the automatic trading system, stock investment broadcasting, investment education content, etc. developed by himself.

On July 13, 2015, E prepared an investment contract between the defendant and the defendant to invest KRW 1 billion and hold L's shares, and expressed his/her intention to withdraw it when it is difficult to procure investment funds.

③ From September 2015 to September 17, 2015, K received the statement from C that there is a good investing office, and transferred KRW 100 million to C’s account in the name of C, around September 10, 2015, and KRW 100 million around September 17, 2015, respectively.

(238,240 pages) C has invested the said money in a merchandise coupon trading company, thereby causing losses (Evidence Record 273, 274, 280 pages);