A defendant shall be punished by imprisonment for three years.

Punishment of the crime

[Criminal Power] On November 24, 2011, the Defendant was sentenced to two years in Seoul High Court to imprisonment with prison labor for the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) and the judgment became final and conclusive on February 23, 2012.

【Criminal Facts】

C On August 10, 207, the implementer of the housing site development project, Sungnam-si, the Korea Land Corporation, the Korea National Housing Corporation, and the Korea National Housing Corporation will lose the base of livelihood due to the housing site development project on August 10, 2007, supply a living countermeasure site for 6 to 8 square meters in size and a neighboring commercial site as a living countermeasure site to the residents who meet certain requirements, but the residents selected as eligible to be supplied with a living countermeasure site shall form a non-corporate association and publicly notify that they will file an application for the supply of a living countermeasure site

D Superior 1-12 Partnership (hereinafter “each of the instant associations”) is an organization formed by 283 residents selected as the recipients of supply of the above living countermeasure site according to the above supply announcement. The E Co., Ltd. (hereinafter “E”) is a Si/Gun/Gu agency which entered into a contract for vicarious execution of the development project of the living countermeasure site with each of the instant associations. The Defendant, as the head of the Do road five cooperatives, was the head of the Do road association, who was in charge of overall management of the affairs of each of the instant associations from the end of 2007.

The heads of the instant associations, including the Defendant, transfer the status of the purchaser of the lands sold by each association between Korea Investment Securities Co., Ltd. (hereinafter “Korea Investment Securities Co., Ltd”) and E on March 14, 2008 to a special purpose corporation, the heads of the instant associations, including the Defendant, shall pay the purchase price and directly acquire the ownership of each site on the land, and then grant each association the right to preferentially purchase the land and the commercial buildings after acquiring the ownership of each site on the land. However, each association may lose its right if it fails to pay the purchase price on a timely basis.