The defendant's appeal is dismissed.

1. Summary of grounds for appeal;

A. The Defendant did not make a false statement on the value of assets of F Co., Ltd. (hereinafter “F”) operated by the Defendant to the victim, and the victim invested in F by trusting G without relation to the Defendant.

The defendant invested most of the investment funds received from the victim in the business that explained the victim, and part of the investment funds was to raise funds to pay to the victim, and since the part in which the loss occurred is compensated as personal funds, it is not the criminal intent of defraudation.

Rather, even though the circumstances suggesting that G, other than the defendant, was deceiving the victim, the judgment of the court below that found the victim and G's statement with low credibility as evidence is improper.

B. The lower court’s imprisonment with labor for an excessive period of four years (four years of imprisonment) is too unreasonable.

2. Determination

A. (1) Regarding the assertion of mistake of facts or misapprehension of legal principles, the victim of deception stated that the victim was aware of the fact that the F's asset value reaches KRW 3 billion from the defendant and invested KRW 2.6 billion. In light of the fact that the victim's statement is specific and consistent, and that confirming the company's asset value from the defendant who is the operator of the company subject to investment from the victim who seeks to invest a large amount of money complies with the general rule of experience, it can be acknowledged that the victim's statement, etc. is proven as evidence that the victim's asset value reaches KRW 3 billion.

This part of the defendant's assertion is without merit.

(2) The intent of defraudation, which is a subjective constituent element of fraud, is to comprehensively consider the objective circumstances such as the financial history, environment, details and details of the crime before and after the crime, and the process of transaction execution, so long as the defendant does not confession.