The judgment of the court below is reversed.

A defendant shall be punished by imprisonment for not less than one year and six months.

except that, for three years from the date this judgment becomes final and conclusive.

1. Summary of grounds for appeal;

A. In light of the various sentencing conditions of the Defendant’s instant case, the sentence imposed by the lower court (one year and six months of imprisonment) is too unreasonable.

B. In light of the various sentencing conditions in the instant case by the Prosecutor, the lower court’s above sentence is too uneasible and unreasonable.

2. Examining the various sentencing conditions in the instant case, the crime of this case constitutes a so-called “Planning real estate fraud crime,” which encourages real estate speculation and distorted a sound real estate transaction order, and falls under a serious crime, which inevitably leads to a large amount of money obtained by the Defendant by committing the instant fraud, which exceeds 1.2 billion won, and the Defendant made large investments in real estate transactions by inducing victims who have no particular expertise in real estate transactions, thereby causing enormous economic and mental damage to the victims. The act such as the issuance of the Defendant’s false tax invoices, is likely to disrupt tax order by making it difficult for the State to impose and collect taxes, thereby impairing the sound order of commercial transactions, which is disadvantageous to the Defendant.

However, the defendant, including the part that was partially denied at the court below's trial, committed all of the crimes of this case including the part that was partially denied at the court below, and thereby realizing and reflecting his mistake, the defendant agreed with the victim A, AF, AL, and AK in the court below, and further agreed with the victims by agreement with the victim AR and AU in the court below. The victims also have the value of investment in real estate and the stage of dancing in a speculative spirit; the victims have no record of criminal punishment in addition to fines; and other various sentencing conditions shown in the argument of this case, such as age, character, character and environment, family relationship, motive, means and method of the crime, and circumstances after the crime, etc., shall be comprehensively taken into account.